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Help to contest repo deficiency , need to verify "60% rule"


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Posted by joankim (172.145.118.244) on April 17, 2003 at 01:57:30:

I live in IL. My car was repoed in Dec 2002, I called them the following day to see about getting it back, was told I had 10 days to come up with back and current payments. Needed $1200 to bank, which I thouht I could scrape up, but an additional $300 plus was needed to get it out of auction site which was too much, so I never got it back. Bank apparently thought oI did since they proceeded to send repo men to my house on 4 separate occasions, and once to my former residence.The bank also continues to call periodically , I did not speak to them ubtil Feb 2,2003, and told them my car had ben reoed on Dec 2 2002, and I was not about to make any payments. The collection person actually tried to argue with me , telling me I had redeemed it on Dec 13,2003!!!The car was sold for auction on March 13,3003(100 days after repoing. Also the initial notice I received from the bank was incomplete, It did not list the vehicle except for it's VIN numbesm but no descriptor of the car, It was written on Dec 6, and I got it in the mail on Dec 8. Are these things in any way considered wrong on part of the bank?

Finally, I was told but cannot find it anywhere, that there is a 60% rule or law. If I have paid more then 60% of the loan ( I am assuming) I am not responsible for the remaining deficiency. The loan was for o$15,200, I owed $4700 in Dec, and was quoted $5200 in Feb. Either amunt is greater than 60% that I had paid off. I spoke with them in late March, trying to site this 60% rule and was told no such thing exsisted because I defaulted on my loan and therefore was in breech of contract.

If ayione knows about these rules, and/or could direct me to a site, I would greatly appreciate it!

I was told by an aquaintnace that there are laws that the bank and repo men have to follow , but a lot of information wa discussed , and I am not sure what is truth and what is hearsay, or fiction.

Joan


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