How far will GMAC pursue a defiency balance?

Date: Sat, 11/18/2006 - 07:52

Submitted by mhanna72
on Sat, 11/18/2006 - 07:52

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Total Replies: 4

I recently had to have a car repo. Now the collection agency is calling. I don't think i should have to pay a deficiency balance. i feel that they recouped there loss in selling the vehicle not to mention the two years i did pay for it. i have accepted that i have bad credit and I'm trying to move forward. How far does companies usually take this matter?

debt collection--HELP!

If anyone has some advice or there is a light at the end of the tunnel plese reply.

lrhall41

Submitted by mhanna72 on Sat, 11/18/2006 - 07:55

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You are still responsible to pay the outstanding balance after t

You are still responsible to pay the outstanding balance after the car was sold. Get the debt validated by the collection agency before sending them money. You have to know that their collection is right with the specific information.

lrhall41

Submitted by mcranberra on Sat, 11/18/2006 - 23:25

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Also, I would check your credit report to see if they have repor

Also, I would check your credit report to see if they have reported the same balance on there..

lrhall41

Submitted by natdust20 on Sun, 11/19/2006 - 16:14

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When you drive a new car off the lot it immediatly loses 5k in v

When you drive a new car off the lot it immediatly loses 5k in value. Depending on lilage, and having it for two years it also still lose some serious value.

You signed a contract agreeing to all the financing but did you read the entire thing? That you would be held responsible for the left over amount should the car be repoed and resold? So if you car was work lets say 30k and they sold it for... 20k. You would be responsible for 10k.

lrhall41

Submitted by FYI on Mon, 11/20/2006 - 05:53

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