Bought vehicle, became unemployed and it was reposessed

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Country: United States of America
State: All States/Provinces

I bought a vehicle back in 2002 I paid on it until either the end of 2004 or early 2005 and I became unemployed and they repossessed it and then auctioned it off and are trying to make me pay almost 9000.00 dollars difference and they are threading to sue me and I just want to know if they can hold me responsible for the balance when my credit report shows that it has been charged off

Answer

Yes but notwithstanding what they say, these kinds of creditors often will not really sue so you could just wait to see what if any action they take...and you could argue they misled you, the product was not what you expected, etc. You could also hreaten bankruptcy if they actually do try to sue... See also http://www.worldlawdirect.com/article/1412/Bill_collector_and_creditor_problems_--_Stop_abuse.html

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