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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?


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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