Our car was impounded a few months ago and we decided to do a voluntary repossession since we could not afford to get the car out of impound. The finance company indicated they would get the car out and sell it at auction and any fees would be placed on our account once the amount received at auction was deducted from the principal amount. We received a phone call weeks later indicating the car was assessed as worth less than the amount of impound fees to get the car out, so we are responsible for the full amount of the loan for the car. The fact that the car would be "assessed" prior to retrieving it from the impound lot was not described to us as the procedure for repossession and now we're getting pressure to pay the full amount of the car loan. Is this correct? Can the finance company assess the car prior to auction sale and in the case, deem it to be less than what it would be to get the car out of impound?
you certainly have some rights here but the fact that the lender already took possession somewhat limits your options...this debt can be negotiated . You need to consult with an attorney...I am based out of Haddonfield, so I am local
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