Creditor on car loan has repoed car and charged off as bad debt am i liable to third party collection agency?

Answers:1   |   LastUpdateAt:2012-09-06 05:05:04  

Question
tonisha
Asked at 2012-09-05 10:03:08
creditor took the car back and told me I would be charged for the loan as a bad debt . appears in all my reports credited as " bad debt laden " , " Acct charged off / repossession , discharged $ 12,793 " and " load off " . Now I have a company trying to collect $ 15,573.00 from my relationship with self .
Answer1BiodunAnswered at 2012-09-06 05:05:04
Auto Finance is what I do for a living and if your responsible for this balance , this is the difference between what you sold your car and what you owed ​​plus all costs of recovery , towing, storage , packaging , auction, lawyers , interests and anything else you can imagine. MedlinePlus MedlinePlus If the company that leads the courts to obtain a judgment and lien on bank accounts , garnish wages ( if your State allows it) and file liens on any real property you may own like cars , boats , land and homes . MedlinePlus MedlinePlus All this will show on your credit for the next seven years, so it is very difficult to get approved for any other type of loans without large down payments , paying huge fees and high interest rates of the state. MedlinePlus MedlinePlus At least you can expect to receive a 1099 for the amount canceled and you will be liable for tax on this amount .
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