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VOLUNTARY REPOSSESSION


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Posted by SPECNIC (208.24.179.208) on July 16, 2003 at 20:25:35:

I purchased a car and financed through a bank. In April of 1998, I moved with my husband to Germany. We attempted to have the car shipped overseas at that time, but they refused to approve the release paperwork. I then attempted to sell the car. I received a reasonable offer, which would have left a balance of just over $2000 dollars that I was willing to pay under the banks terms. At the time the offer was for the fair market value of the car. The bank rejected the offer for purchase. Under the advice of a lawyer I notified the bank of the location of the car and told them that they could take possession of it immediately. The bank then sold the car at auction for less than half of the original offer which ended up leaving me with a huge balance to pay off. The bank immediately charged off the balance and turned it over for collection.
Upon receiving the collection notice, I contacted a lawyer in New York State, the state of purchase. He advised me that in this case the bank was required by law to sell the vehicle for the highest reasonable offer. The highest offer was the original offer I had gotten which was still available. They did not do this and instead sold it at auction for less than half of the highest offer.
My lawyer said that this was illegal in New York State. Can anyone ellaborate on this for me?


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