Truck Repo'd!

[wrk2mtch]

As with so many others I have ran into financial trouble and could no longer afford my truck payment. I voluntarily gave my truck back to the bank and they said that they would fix any minor problems with it and sell it for somewhere between private party and retail value, but they would not auction it unless there was something significantly wrong with it like a broken frame or bad engine. I call them today to find out that they auctioned it off for $4600 because it needed brake work and (they claim) had a bad right hub! Does anyone know if I have any legal recourse against them for sacrificing my truck for a fraction of what it is worth? Of course I am still on the hook for the balance.

 

[wyosteve]

Unfortunately, I'm not too smart and ended up being an attorney. First mistake was not to get the bank's representations regarding sale of your vehicle in writing. Under the Uniform Commercial Code, a bank only has an obligation to sell repossessed property in a "commercially reasonable manner". An auction qualifies as commercially reasonable. Basically you are out of luck and as you pointed out, still owe a deficiency balance. Sorry about that.

 

[KMeek]

I am also an attorney. Whether a sale is commercially reasonable or not is dependent on more then just whether the sale was conducted as an auction. Reasonableness can be dependent upon whether the sale was a private or public auction and how it was advertised and such. You should contact a local attorney if you think the sale was improperly conducted. Regardless of whether the sale was handled properly or not an attorney may be able to convince your creditor that you are unable to pay the remaining balance. Good luck!

 

[The patriot]

Something similar happened to my brother. He got a DWI (He wasnt even driving!!) and he's an owner operator. Couldnt work for almost a year!!

They gave his truck away too. With all the fines, penalties, owed moneys, he's seriously thinking about going chapter 11.

I dont know your whole situation (even if I did, I wouldnt have an answer) but this might be something to consider.

Eric

 

[Bob Wagner]

still a balance on a 10yr old truck?

How much will you still owe?



calculate your trucks value @ www.kbb.com

 

[TPyle]

Terry,

Fortunately I'm not an attorney (kidding!!) but am a truck dealer. I deal with repos and have repo'd trucks (semi's). I am truly sorry to hear about your situation. Unfortunately, you gave up your rights to that truck the second you volunteered to bring it back. Read the fine print in your finance agreement. I have seldom seen a creditor pursue the balance of a loan. Usually they are just glad to get some money out of it. Plus we as tax payers get to pay for some of it because the can write off bad debts. Also, there will be no distinction on your credit report as to whether you volunteered to bring the truck back or they had to go get it. Again, I am truley sorry to hear about your situation.

 

[DGFoster]

I always thought if you filed for bankruptsy,cant you keep you vehicle as long as you make the payments?

 

[Power Wagon]

Originally posted by Terry H

As with so many others I have ran into financial trouble and could no longer afford my truck payment. I voluntarily gave my truck back to the bank and they said that they would fix any minor problems with it and sell it for somewhere between private party and retail value, but they would not auction it unless there was something significantly wrong with it like a broken frame or bad engine. I call them today to find out that they auctioned it off for $4600 because it needed brake work and (they claim) had a bad right hub! Does anyone know if I have any legal recourse against them for sacrificing my truck for a fraction of what it is worth? Of course I am still on the hook for the balance.

Don't doubt they will pursue you for the balance.



I've never had anything repo'd, but I have had a relative and an aquaintence who both surrendered vehicles voluntarily, and the bank screwed them both.



It seems that big-city banks don't give a rat's behind, really. You'd think that bank officers would be, but they are not. It's better if you can sell it yourself, or even get someone to take over payments. AT least that way, the worst you can have happen is that they pay on it for a while before you're back on the hook.



Most banks won't accept taking over payments formally, but in a pinch, you might work out a deal with someone. Unfortunately, it looks like you lost on this deal.



If any of the rest of you out there are facing Terry's situation (and the odds are more than 1 is), you should advertise it here, and see if you can't get it sold, even if it's for what you owe, rather than lose so badly.



That reminds me... I need a truck...

 

[wrk2mtch]

I figured I was screwed. Are you ready for this? I still owe about $5600 on it now. Oh well you can't squeeze blood from a turnip right?

Thanks anyway guys.

 

[Lil' Dog]

Man, that fries me, #ad
#ad
its always the honest guy that gets the shaft.



Sorry to hear Terry. Good er, better luck!!!!



J-eh

 

[JoeyD]

Maybe everyone thats a member could send him 1 dollar to help him out.

 

[DGFoster]

I think that is a great,all of us send what you can to help out,I would gladly help out. .

 

[wrk2mtch]

Even without a CTD it is great to be a TDR member!

Thanks guys, but there are people that could use it a lot more than me.



If any of you are BECU members don't trust them, they have completly screwed me on this!

 

[SlyBones]

I got a buck, whats the address??

 

[John Berger]

Terry, that really sucks. Sorry to hear about your misfortune. I sincerely hope things turn around

 

[Batman]

Terry

I also have a spare buck. Think about it guys, around 9000 members, $1 a piece. At least it would go to someone that can use it.

Terry pm me your adress, I'll send you a buck or two or ?