What do I do if now I get a bill from the dealer for what they paid the bank to pay off the loan? 6 Answers as of January 09, 2014

I bought a car in 2012, fell behind in payments after losing my job, car was repossessed but not by bank but by dealer. We call the bank and they tell us the dealer can repossess when they want. I was never informed of this and nowhere on my contract says that I let them keep the car.

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Kirby G. Moss PC | Kirby G. Moss
You probably have to pay but should request an itemization of the amounts due. The reason is that the value of the car fell faster than the loan balance and with missed payments, it's even more so. The balance due on the note is what you owe and that is likely more than they got for the car.
Answer Applies to: Indiana
Replied: 1/9/2014
SmithMarco, P.C.
SmithMarco, P.C. | Larry P. Smith
This seems odd.
Answer Applies to: Illinois
Replied: 1/8/2014
Hoang & Tran PLLC | Adam Tran
If you have a defense, fight the case. Alternatively, try to obtain a settlement so that the dealership doesn't sue you or file for bankruptcy. Either alternatives should be discussed with an attorney so that you may understand the repercussions.
Answer Applies to: Texas
Replied: 1/8/2014
Robert J. Sayfie, P.C.
Robert J. Sayfie, P.C. | Robert J. Sayfie
The amount of the Claim from the dealer may be discharged in a chapter 7 bankruptcy filing.
Answer Applies to: Michigan
Replied: 1/8/2014
Edelman, Combs, Latturner & Goodwin, LLC | Daniel A. Edelman
Generally a bank that buys a retail installment contract from a dealer has the right, upon the consumer's default, to sell it back to the dealer. The dealer in such a case has the same obligation as the bank to dispose of the collateral in a commercially reasonable manner, give notice of the proposed sale, etc.
Answer Applies to: Illinois
Replied: 1/8/2014
    William Bidwell, Attorney at Law | Bill Bidwell
    The bank has a security lien on the vehicle and can repossess if you default on payment. They bank probably authorized the dealer as its agent to repossess. You have a certain period to get the car back but must pay the balance in full unless the bank works out another arrangement.
    Answer Applies to: Michigan
    Replied: 1/8/2014
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