New Haven Consumer Debt Lawyer Discusses If a Lender Can Collect More Money After Repossession
Clients often come to me as a New Haven Consumer Debt Lawyer, under certain circumstances where their car was repossessed many years ago and now all of a sudden they receive a collections letter or a suit is brought against them in connection with additional money owed.
I’m asked, “is this lawful, and do I owe the money?” The answer is it depends. What has happened is there is a difference between the price the car was sold after the repossession and the amount of the debt that you owed at the time. I advise clients as a New Haven Consumer Debt Lawyer that the creditor is authorized and allowed to bring suit against you for what is called that deficiency. However, it’s important to consult with an attorney because the price of which it was sold to a third party has to be related to the blue book or NESD book value of the original collateral.
Is your lender calling you and requesting more funds after your car was repoed? Contact our experienced New Haven Consumer Debt Lawyer.
This informational blog post was brought to you by Attorney Eric L. Foster, an experienced Hartford County, Connecticut Consumer Credit Lawyer.