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Need vehicle Repossession Info California

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  • Need vehicle Repossession Info California

    My husband and I recently had our vehicle repossessed. We are residing in Maryland due to my husband serving in the military but the vehicle is in California , which is where we are from. About a year ago I had to make an emergency flight to Maryland because my husband got sick while serving in Iraq. While being in Maryland our insurance on the vehicle in California lapsed. The bank began to add an insurance fee onto my payments. Because I was making my payments at a share branch, I was unaware that they had raised my payments. We soon received a call from my husbands mother saying the vehicle was repossessed. We were in shock and called the bank. We were unable to pay the fees due and the vehicle was sold at auction. I have read that when selling the vehicle at auction it needs to be sold for "reasonable value" of the vehicle? If so, mine was sold for a lot cheaper. Also, now that it has been sold I owe a HUGE fee, which of course we can't afford which is why we couldn't pay the reinstatement fees to begin with. What can I do next? Is there possibility of settling for a cheaper value? Or, maybe payments?

  • #2
    if it was sold at auction- that was the reasonable value. a vehicle is only worth as much as the highest bidder is willing to pay.

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    • #3
      Minimum cost

      There should be some minimum cost for everything we sell. Its very sad to hear that you have lost your car, but you can go for some legal advice try to get some penalty.

      =====================
      Jack
      Car Auctions

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