Re: Defaulted Automobile Loan

Posted by observer (205.188.198.58) on August 14, 2002 at 22:47:16:

In Reply to: Defaulted Automobile Loan posted by Chuck on August 14, 2002 at 21:24:58:

It's called a defenciency. They sold it at auction. The $7000 comes from the difference in the sales price vs the loan balance plus, any fees in getting it cleaned up and transported to the auction and any fees involved in the repo. They are supposed to send you an itemized breakdown of the charges and the sales price. You are liable for this balance.

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