Paying Auto Repo Deficiency

[DOCK]

What is the name of your state? TEXAS

While on an auto lease I sustained a work related injury. While awaiting a disability annuity I informed the bank by letter, phone calls and fax of my situation. I was also making partial payments of one half to the bank from my savings to show that I was making a good faith effort to resolve this until my annuity started. The bank agreed not to repossess the auto and I even had my HR Disability Rep contact them and inform them that the disability annuity was forthcoming, which they did.

I should had gotten it in writing but they repoed it a couple of weeks later. The next time I heard from them was month later by Certified Rtn Rec Ltr stating that the car had been sold at auction and that I owed 14K for the dificiency.

Per Texas Consumer Law, I was to have been informed of the "commercial venue" of where and when the auto would be auctioned. I WAS NOT INFORMED!!

Once I informed the bank of their effor, they turned it over to an agency who has been calling me continuosly. I even sent the collection agency a ltr, Cert R/R, requesting validation or the debt would be absolved if not received within 30 days. DID NOT GET IT!! When I heard from them two months later I asked about the validation that was also requested Cert R/R, I was told that they didn't do that. Each time they call, they state that they would like to arrange a settlement.

I would like to resolve this ASAP.

 

[TigerD]

If you want to resolve it ASAP: Pay it.

If you want to take the time to unravel the knots you got yourself in read on.
1. They do have to respond to you demand for validation. You have the option of pursuing that FDCPA violation. You'll hear people on this board tell you to make complaints to everybody from the FTC to the BBB. You can do that if it'll make you feel better, but it won't solve your problem. If you want to invest the time, effort and money, you can sue the CA. You stand a good chance of winning.

2. Given the amount of money involved you may want to consult with an attorney regarding the situtation as a whole.

DC

 

[DOCK]

DebtCollector,
I didn't have a problem since I started the debt. The bank was within their rights to repo the auto. But if there is a procedure in place by law and contract, then it should be followed. They had the right to repo at anytime but they agreed to allow my annuity to start. I provided partial payments with numerous contacts about what was going on with my situation.

Are you saying that big business shouldn't follow the rules established in their own industry? Rules that were established to protect both parties?

 

[TigerD]

Are you saying that big business shouldn't follow the rules established in their own industry? Rules that were established to protect both parties?

They followed ther rules. You didn't pay and they repossessed the car. Their rules are established to protect them and their investment.

DC

 

[Ladynred]

Not quite, not where repos are concerned. If you read the UCC its pretty clear that if they do not follow the law, and that includes ALL REQUIRED NOTICES, then they lose the right to collect the deficiency. The Texas version of the FDCPA is pretty stringent, it is your friend. Check the TX statutes for the Uniform Commercial Code - Article 9 has to do with repo's and secured property.

 

[DOCK]

Which was their right and that was never denied. In your business, do you encourage consumer to contact you or any other debtor about a problem that may arise and try to figure out how to resolve it? Or do you swoop in and take advantage of someone who isn't aware of their rights as a consumer?

Also, there are rules in place to protect the consumer.

 

[DOCK]

Thanks LADY!!!! wILL DO.

 

[TigerD]

OP -- I refer you back to the second post in this thread. Read it. If you don't understand it, ask.

DC