After a repossession does the lender have to disclose what they are charging you for?
%DETAILS% Answer I don't know what state you are in, but in Illinois the bank by law has to provide you with a calculation of deficiency. We are battling the bank for the same thing. Had a truck repo'd was worth 15K, owed 15K, they sold it for 8K and now say we owe 6800.
I want to know how and they keep denying any information saying it's confidential bank information. Write a letter of complaint to whatever agency oversee's this bank and look under your state's statutes for what the bank is liable for and what they have to provide by law.
Under car repossession laws, if the creditor sells the car for more than you owe plus the expenses, it has to give you the extra money. Preventing Vehicle Seizure The simplest way to avoid repossession is to contact the creditor if you know you're going to be late with or miss a payment. Most will be willing to work with you on the loan, especially if you have a good payment record.
If you agree to change payment dates, get the change in writing. Negotiating in the face of possible car repossession is better than hiding in a far off city while behind a car payment or two. This is only a temporary stalling move that will ultimately backfire in your face and affect both your wallet and credit standing.
The first piece of advice if facing this situation is to not avoid your creditor or the problem. You'll never be able to run and hide forever, but through a little bit of know-how, you might be able to avoid repossession if you follow these steps. Negotiate Face the fact that you need to talk to your finance company about discovering a solution to getting you back on track.
Your creditor is in the money-lending business and not the car selling industry so they will most likely listen to your plan.
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