Truck Repo
Date: Mon, 01/25/2010 - 14:05
My real concern is that they will take 25K plus a few thousand in repossession fees, storage fees, attorneys fees, and whatever other fees they can think of to drive that number to 30K...and then let my truck go for 15K...and then sue me for the other 15K as a deficiency judgement...and then put a lien on my house.
Help. I need some advice.:confused:
No, the bank does not have any responsibility to get a decent pr
No, the bank does not have any responsibility to get a decent price. Once you default and repo it, it is entirely at their discretion.
I agree. This can be similar with a foreclosure. They get what
I agree. This can be similar with a foreclosure. They get what they think is appropriate and if they choose, THEY can buy it back. They will try to get the deficiency and costs back from you, but I understand you can frequently settle them for a smaller amount once they are charged off.
However its in their best interest to get the best price they ca
However its in their best interest to get the best price they can. In my state and at my bank we are required to hold an auction first to attempt to get the highest price. However my bank almost always holds a minimum bid or bids on the vehicle itself if the price isn't reasonable. Then if its not sold at auction, we attempt to sell it outright.
