After 5 yrs

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  #1  
Old 06-16-11, 08:42 PM
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Angry After 5 yrs

Five yrs ago I bought a van from a buy here-pay here lot. Just a few months into owning the piece, the tranny blew a huge hole on the road. I pd to have it towed back to my place and called the lot. The mechanic showed up and quoted "the reason it broke down was cuz it has no fluid in the tranny" all while a few witness's stared at the gaping whole. I kept paying payments even after it went back to the shop, all the way up until I was informed he had fixed it up again and sold it. Today I recieved a letter from the crooks attourney asking for 5grand, more than the original price of the van.

My questions are, how much ground do they have to stand on with this?
I kept reciepts of payments and documented conversations.
And when did the 7 yr clock start for collections if he wins the suit, then or now?
 
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  #2  
Old 06-17-11, 06:15 AM
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As you have explained the story it doesn't make sense!
I think there are a few details missing.
 
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Old 06-17-11, 10:13 AM
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I was thinking the same thing when I read it this morning. You had it financed through the BH-PH lot, the tranny went south, they towed it in to fix it while all the while you were still making payments, and then when it was fixed they re-sold it instead of returning it to you?????

As Greg said, has to be something missing here (besides the van).
 
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Old 06-18-11, 05:20 AM
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If you bought it, there was a bill of sale, which only you can transfer to another person. If he sold it again, then there's a problem. Not all the facts are here. I agree with the others. Give us all the details, so we can offer suggestions.
 
  #5  
Old 06-20-11, 08:36 PM
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Now that I've read this back to myself, 110% true, something got lost in translation here. The problem I have is I don't remember the exact details as to why he sold it. For some reason I remember the way he explained it making sense, almost as if it were less expensive for me to bail on my down payment and the few payments I had made. I was 24-25 at the time, I remember blowing up but the subject just dropped after a while until yrs later I get this letter in the mail. I kept every reciept through the transaction, and the more I research this guy, I am finding several stories of other people he has done the similar things to. Before I make another move, I will wait to see if he will pursue. I am severely under garnishments, through several avenues and it will be the better part of a decade before anyone else can legaly touch my income and I own nothing. If he still comes after me, I will cross that bridge when it comes. I wrote him a letter declining any payment and gave a brief discreption of my financial situation, I will think long and hard and talk to the people around me on this situation to refresh my memory before moving on.....glad I said something or I would have went onto this blindly....
 
  #6  
Old 06-21-11, 04:34 AM
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Here's my layman's best guess:

They're considering it a voluntary repossession (surrender) and the $5K is the difference between what you owed and what they resold it for when it was repaired. I wouldn't hazard a guess as to how successful they might be in making it stick.

As a side note, a lot of people find out the hard way that if you buy a car (or anything else for that matter) and it's repossessed (either voluntarily or adversely) they are liable for what is owed when the car is resold when that sale is for less than what was owed. Example, you buy a $20,000 car (at a BH-PH lot it's likely to have a book value of considerably less) and default after making $5,000 in payments, still owing $15,000. The lender repo's and resells it for $10,000; they're going to want the other $5,000.
 
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