Wells Fargo HELP!!!!

Well for starters if they repode the auto, then you are only responsible for the deficiency balance, not the entire $16,000. What do they say you owe them?

That is what they say i owe!!
It was an 2006 Scion TC, and they sold it for 4000!

No way in heck can you owe that much. You tell them you want to see how they figured that out.

It didnt have to much for miles, and there was alot of work after market to it (almost 7k, from the previous owner) and they sold it dirt cheap.

What did you pay for the car when you bought it?

I think the loan was for 19k, and I didnt have it for a year before I let it go back.

Well to my understanding they have to sell that car for a reasonable amount. For them to sell it for only $4,000 is kind of fishy.

Were you properly notified of the sale and how long after did they contact you after the sale?

Check if your state has a 'cure' requirement for auto and other secured non real estate loans.

I live in CT, but i dont know what cure req. is? Can you fill me in on that?? thanks!

They have to sell it at Fair Market Value (Blue Book) or close or you can have your due amount lowered by the FMV minus your buying price. In CT that would be the average Trade-In value + Blue Book Value / 2. $4000 seems fishy to me too.

For this car, the Kelley Blue Book value is $12,700 - $12,900.
Ref: "http://autos.msn.com/research/vip/overview.aspx?year=2006&make=Scion&model=tC"
According to Kelly Blue Book, the Trade-In Value is around $8000 to $9800 for a 2 door stick shift Hatchback. That would make the FMV around $11,000 or so (I calculated at the lowest Trade-In value for a car which has mechanical and/or cosmetic defects). $4000 is way too much lower than that. I think you should tell them to take you to court, and you can fight this.
Ref: "http://www.kbb.com/kbb/UsedCars/PricingReport/2006_Scion_tC_Trade-In_Excellent.aspx"

I have not been able to open any FTC pages for some days now, so here is a clip of from a Google search:
[url=http://www.ftc.gov/bcp/edu/pubs/consumer/autos/aut14.shtm]Vehicle Repossession: Understanding the Rules of the Road
24 Apr 2009 ... For example, if the car will be sold at public auction, ... have to get the highest possible price for the vehicle ??? or even a good price. ... A creditor's failure to resell your car in a commercially reasonable manner may give you a ... Regardless of the method used to dispose of a repossessed car, ...[/url]

But for your state, Here are the laws governing Repossessions. [CCPA Sec. 36a-785] Note especially paragraph (g): "If the goods retaken consist of a motor vehicle the aggregate cash price of which was more than two thousand dollars, the prima facie fair market value of such motor vehicle shall be calculated by adding together the average trade-in value for that motor vehicle and the average retail value for that motor vehicle and dividing that sum by two. Such average trade-in value and average retail value shall be determined by the values as stated in the National Automobile Dealers Association Used Car Guide, Eastern Edition, as of the date of repossession."

And: Sec. 42a-9-627. Determination of whether conduct was commercially reasonable.

I would review all of this with an attorney so you can see what your specific rights are in this case.

Oh, and one more reference:
"http://www.nedap.org/hotline/defenses.html"
This site is for New York and should only vary in minor points. This page is a list of common defenses in a creditor lawsuit. Note especially "Defense 11: Collateral Was Not Sold at a Commercially Reasonable Price", which says, in part: "The burden of proof is on the bank to establish that it sold the car at a commercially reasonable price. Because a bank rarely, if ever, obtains a commercially reasonable price for the car, this is a very strong defense that should be raised in every auto deficiency case."