If lender didn’t follow a commercially reasonable manner in selling a voluntarily surrendered vehicle, what canbe done?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If lender didn’t follow a commercially reasonable manner in selling a voluntarily surrendered vehicle, what canbe done?
Voluntarily surrendered vehicle to lender on 10/4, signed form stating it would be sold as partial payment of obligation. On 10/12 received call saying they were going to sell to private party. On 10/15 received notice that it was sold on 10/12 to private party for $2800 leaving deficiency of $5300. This doesn’t seem to follow the law, is there anything I can do? I don’t want my wages garnished for payment.
Asked on October 21, 2010 under General Practice, Colorado
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
You seem to have donesome research on the matter here and to know what the "buzz" words are in these cases. So, if you have some knowledge and you think that they have failed to follow the law then they have "breached" their contractual obligation with you. You will have to then sue them for breach of contract. I think that you think that since they had the contract with you they did not really make an effort to get the best price for the vehicle, correct? You figure that they figured you were on the hook anyway. So then they acted in "bad faith" here as well. Seek legal help. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.