Durango was Repo'd owe $9,000.00 (help)

[cmcnimery]

Could someone give me advice on what to do after your vehicle was repo'd and now I'm being sued for the remaining balance of $9000.00. I lost my job a year ago and Durango was Repo'd. What are my options since I don't have 9,000.00 to give them. Any help would be appreciated. Thanks

 

[T_tops]

Well since they have the truck that means that you would be paying them for??? It seems to me that if they had the vehicle then they would not have any reason to sue for 9k

 

[Michael Wechsler]

I'm guessing that he bought the truck for $X new. Sold at auction it was only $Y which could be, maybe half the value. Add in repossession fees and you're left with a balance of $X - $Y = (amount left on load) + $Z (repo costs) = $9,000. I'm not sure what there is to do. It's the amount you borrowed and that is what you owe. Simply saying "I don't have it" doesn't just make it go away. Someone is out the money and they want it back. Typically the answer is that if you don't have the money and it's a big stretch to buy something new, don't buy it. I'm sympathetic to your situation but I'm not sure why there should be another conclusion short of a bankruptcy proceeding, which should rarely if ever be done.