Charge-off on auto loan

I voluntarily turned in my vehicle by contacting Wachovia Dealer and letting them know that I could no longer pay for the vehicle. They made arrangements with me to pick up the vehicle and they told me that I would owe a "small" balance. I had already paid them $18,500.00+ on the vehicle and they auctioned it off and got an additional $8,000.00 for a 2004 Toyota Camry XLE that had 36k miles upon purchase and I purchased it in 2006 and turned it in Sept 2009. Now that is over $26,000.00 they received for that vehicle. They are now saying I owe and addtional $7,200.00 for it. They have placed a "charge-off" on my credit report. Doesn't that mean they assumed the lose seeing as how the blue book on the vehicle is $8,000 and they have received 3x that amount. Where do I have to pay for this when all parties involved have been paid and I now have this ding on my report for "voluntarily" repoing a vehicle.

This is the part you never hear about! Also happened to me, truck sold at auction for $5000. less then what I owe
The debt was sold to a third part and they hounded me day & night wanting $5000.
I settled the debt for $1250. and was finally able to get peace and quiet back into my life!
Hindsight? Wish I had went to the auction and bought the truck back cheap! Loved that truck!!!

Well Guest, it's really bad to hear that you had to give away a Toyota Camry XLE. Once you allow the finance company or lender to repossess the vehicle, they will deduct the auction price from the balance that you owe and if the auction price is lower than the loan balance, then you will be accountable to pay the deficiency balance.

But in your case, you are saying that they got an additional of $8000.00 so, according to my knowledge they are not supposed to ask for anything else. Do you have anything to prove that they sold the car at $26,000.00?

Well what I think is that, they have added all the expenses of towing, repossession, storage, auction, reconditioning, late fees, interests and lawyers into your account.
Nothing to worry so much as you don't possess the car any more. So just listen what they are saying next and keep posting.

Sounds like the OC bought a car with a high interest rate. The $8k is what the car sold for at auction still leaving their original note in the negative. Yes, $26k may have been paid against the loan to date but if the loan is not satisfied, then they still owe. The original poster has not given enough information....what they paid for it, interest rate plus they are not taking into consideration the cost of repo. The poster does need to worry...they can be sued for the deficency balance.