My question involves an auto loan or repossession in the State of: California
My husband and I voluntary surrendered a vehicle that was costing us more in repairs than it was worth and purchased another vehicle 2 years ago. It was financed by a credit union was was recently purchased by another credit union. The original credit union sold the vehicle we believe at an auction. Someone told me that this was illegal and that we should have been informed that the vehicle was being sold before hand to give us the option to take it back or sell ourselves. We found out it was sold when the new owner got a parking ticket and the vehicle got towed and the bill came to us. The original credit union never asked us for a dime after I told them the vehilce had been sold without our knowledge and was still in our names. Now after all of this time and the new credit union is telling us we owe a deficiency of $11,000. Does this mean we owe the balance after all of this time. Also, the account shows up on our credit report one month under one account with a balance owed of $0, then not two months later as charged off with a balance owed of $11,000. How can I fix this?