Re: P.S.-VOLUNTARY REPOSSESSION
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Posted by Kjeldorian
(64.83.213.229) on July 16, 2003 at 23:52:05:
In Reply to: P.S.-VOLUNTARY REPOSSESSION posted by SPECNIC on July 16, 2003 at 20:48:32:
I do not know the specific law for your state, however maybe I can put a different angle on the way you are looking at this problem. When you took the loan on the car, the bank paid money in your name to the dealership. You had been paying them back to replenish the money you borrowed. You already know this. Repos are generally handled the same way; bank takes possession of the vehicle (the collateral for the loan) and attempts to gain proceeds from the sale of that vehicle. They do not "choose" to sell it for less. The are sold at auctions, car dealers come to auctions. The put in bids lower than full value because they are trying to stay in business and sell the car for a profit. What's left owed by you is the deficiency balance. You owe the debt. If you contact the CA I am sure you can get a settlement on the account. You asked about when it would come off your credit report and I believe it will come off 7.5 years from the discharge date. Why should we pay any of our unsecured debt? We aren't going to get thrown into jail, right? It's the CREDITOR'S fault for giving us all the credit. Being a military family, I would hope that you are bound to a higher moral standard and would take care of your financial responsibilities. Just my two cents, take from it what you will.
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