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My car was repossessed and now my bank is suing me for the deficiency.

7/29/2008 9:39:09 AM

The deficiency amount the bank can sue you for must be the difference between a commercially reasonable price and the balance on your loan. The burden of proof is on the bank or credit union to establish that your car wasn’t sold for a value far below the commercially reasonable price of your car. Since banks or credit unions rarely obtain a commercially reasonable price for your car, this defense may yield rewarding results in a auto deficiency debt collection lawsuit.


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