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BNSF650

First investors repo

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Hello all we had are car repo because at the time it seem like the best thing to do because we was upside down in it. They sent us a letter asking us to pay the rest of the note off which is 13,000. I'm looking for the best thing to do. Any help would be great.

 

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By the rest of the note, are you talking about a deficiency balance? Or is the 13k what you owed on the note when it was repossessed? Is it the bank or finance company that sent you the letter?

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If they have the car in their possession, and you don't want it back, they will most likely sell it at auction. You will be liable for 13k minus whatever they get for it at auction, plus assorted fees I am sure. This is your deficiency balance. Not sure why they would send you a letter like that when they know they aren't going to get it. If you don't want the car, I would just sit tight and wait for the deficiency balance letter.

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Yes the car has been sold. Just need to know if i should make payments to pay them off or try to fight them.

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Well as others stated you can either wait and see if they come after a wage garnishment or set up payments. Since it seems from previous post you have been in a BK in 2014 you are very limited on which way you can go here.

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