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car repossession question

we bought our vehicle right after my husband came home from iraq when we still had that extra money. after 3 years of trying to keep up with the payments, it was finally repossessed.
it took 10 months for them to sell it, and when they did, they sold it for 1/4 what it was worth. the reason? they said that the odometer had been set back and the windows didn't work. neither are true. we bought the truck from a large dealership and took it to the dealership for all oil changes, etc.
i guess i have a couple questions. is there are certain amount of time they have to sell it after repossessing? do we follow the state laws where the creditor is, where we bought it, or where it was repossessed? if we can prove that the odometer was not reset while in our possession, would we have a way to get the deficiency removed from our credit report?

Answer Question

Asked by Anonymous at 8:55 PM on Oct. 9, 2010 in Money & Work

Answers (11)
  • No, it was repo'd so it's going to be on your credit no matter what.

    Answer by MrsLeftlane at 8:57 PM on Oct. 9, 2010

  • I dont think your credit will change if you can figure out how to prove(about the odometer/windows) as it was still repod', but how much you owe them(was that the question?) sorry Im not much help

    Answer by minimo77 at 8:58 PM on Oct. 9, 2010

  • It will be on your credit for 7 years. I am not sure how to prove those things did not happen. :)

    Answer by Mom2Just1 at 9:00 PM on Oct. 9, 2010

  • Nope, you're screwed.
    You probably still have to pay the remaining balance on the car too. Sucks.

    Answer by Roadfamily6now at 9:01 PM on Oct. 9, 2010

  • wow i can not believe they did that to yall especially after he faught for those people. i am soooo sry that happened to you.

    Answer by iluvmymomasboys at 9:06 PM on Oct. 9, 2010

  • even if you try and fight with them over the matter your stil gonna have the negative mark on your credit. there's no fixin that till it goes away in 7 years.

    Answer by jbond83 at 9:06 PM on Oct. 9, 2010

  • if a car is repossessed you don't have to pay the remainder left on the car do you?

    Answer by ItsMe89 at 9:09 PM on Oct. 9, 2010

  • Repo workers are in this for the long haul. If you are in default on payments it's not going to be a sympathy time for getting reactions from a reversed (or not ) odometer. From the repo workers standpoint they are just doing their job. Your job was to pay each month. I haven't got any car, nor would I in this lifetime since they are very very high risk, and if so , it would be something even I would be able to fix, so my next suggestion to you for buying is to get either an electric car, take the bus, or work for 3 different employers so you can pay a monthly payment easier, unless you get stressed from that much work, it may backfire. By the way, why would you set back your odometer if it wasn't a leased vehicle.?

    Answer by coffeeyum at 9:09 PM on Oct. 9, 2010

  • if a car is repossessed you don't have to pay the remainder left on the car do you

    Yes, you are supposed to. They auction is off and pay that to the lender. But you still own the lender money. You are still responsible for that debt. You can only erase debt by filing bankruptcy.

    Answer by Roadfamily6now at 9:11 PM on Oct. 9, 2010

  • We had a car repossed back in early 2001. IT took them almost 6 months ot sell it (form what I was told they don't have a certain amount of time). After they sold it, we still owed $3500 on it (that's the remainder on the loan, the repo fees, and some minor repairs).

    Even if you can prove that you didn't do what they say you did, it's still going to be on your credit, and your still going ot have to pay back any amount remaining on the loan.

    Answer by LorisChar at 9:14 PM on Oct. 9, 2010

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