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Wells Fargo HELP!!!!

Date: Tue, 07/07/2009 - 16:49

Submitted by crystal6182000
on Tue, 07/07/2009 - 16:49

Posts: 6 Credits: [Donate]

Total Replies: 11


Hello all. I first want to thank you all for the advice given on this site! It truley has been like a god send!! I have been so depressed over all my bad choices but this site has given me hope!
I am in the process of settling my accounts on my own, but the only one that i am worried about (my biggest of all!) is 16k to Wells Fargo Auto Finance for a repod car. I was wondering if there is anyone who has been in this situation with them? What should i try to get them to settle for? And how long will they wait for the $$$. I have been trying to work as much OT as i can at work, but being a single parent makes it hard to do that. I have to work around a daycare schd. I just want to try to keep from being sued! I have made so many bad choices with my $$ over the years, and I am finally trying to make it right. Please, any advice would be appreciated!!! Thanks :D


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.


lrhall41

Submitted by Chrys Henderson on Wed, 07/08/2009 - 02:55

( Posts: 2538 | Credits: )


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."


lrhall41

Submitted by Chrys Henderson on Fri, 07/10/2009 - 02:48

( Posts: 2538 | Credits: )