Auto Loans Auto Title Loan

[Rooster2014]

Hello
I got an auto title loan. I did not make the first 3 payments to repay the loan of $2,500 and they found my vehicle and took it.
The Kelly Blue book value of my vehicle was $6,600. I first received a letter from THE LENDER stating I had a balance remaining of $500.00.

Now I recently received a letter from THE LENDER indicating I owe them $2,500 but they will settle for a payment of $500. I'm not sure how I can owe this amount especially considering the value of my vehicle was far more then the debt owed. Can I find out how much they were able to auction my car for or how much was paid toward my initial debt to see how accurate this amount is? It just doesn't seem right that I should have a debt of this much and I'm unable to get any further info from them. Any help of information would be greatly appreciated.

 

[army judge]

Hello
I got an auto title loan. I did not make the first 3 payments to repay the loan of $2,500 and they found my vehicle and took it.
The Kelly Blue book value of my vehicle was $6,600. I first received a letter from THE LENDER stating I had a balance remaining of $500.00.

Now I recently received a letter from THE LENDER indicating I owe them $2,500 but they will settle for a payment of $500. I'm not sure how I can owe this amount especially considering the value of my vehicle was far more then the debt owed. Can I find out how much they were able to auction my car for or how much was paid toward my initial debt to see how accurate this amount is? It just doesn't seem right that I should have a debt of this much and I'm unable to get any further info from them. Any help of information would be greatly appreciated.

You were given a pile of documents to sign before THE LENDER gave you the loan proceeds.

The answers you seek are buried in those documents and loan contract.

THE LENDER doesn't want an old, used car.

They want money!!!!

YOU want the old, used car.

In my view, $500 is a small price to pay to end this night mare.

Besides, you admit to missing payments.

You can fight and risk losing.

You can give them five hundred bucks, get your car back, end the drama, and walk away a winner!

You do anything else, you lose.

 

[despritfreya]

1. You do not owe just $2,500.00. You never made a payment. You owe $2,500.00 plus all accumulated interest on the contract, plus repo fees, storage fees, auction fees and any attny fees the lender may have. You probably owe far in excess of $6,000.00. Yes, you can ask for an account history to show what charges there are.

2. The KBB is not relevant as to what the value of the vehicle is. What is relevant is what the lender sold it for at the auto auction. If KBB shows a value of $6,600, maybe the lender got half that amount. Yes, you can ask for an accounting of the sale.

Bottom line - the lender offered a settlement of a piddly $500 - take it an move on - but get in writing that the account is now settled and nothing further is owed.

Des.

 

[disagreeable]

I follow an OH title loan company that sells their repos on Ebay. Amazing how little a car can go for with no history.