QUESTION
can a creditor still add a recovery/repo fee if you sold the vehicle and paid loan off before repossession occured
Asked on Jun 05th, 2016 on Collections - Alabama
More details to this question:
The day the vehicle was supposed to be placed for repossession the vehicle was sold and creditor was given a check for 7500 and payoff was 6200. I was informed that a recovery/repo fee was added along with several other fees and payoff was now 7300. So from one day payoff of 6200 the very next day it was 7300 and was never repoed it was sold and paid in full. Cant understand how a repo fee could be added when it wasnt even voluntarily surrendered it was sold
1 ANSWER
Foreclosures Attorney serving Birmingham, AL
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Matthew A. Dunaway Attorney at Law
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Who is the creditor? How was the payment of the $7,500 made to the creditor? At the time you made the payment, did the creditor give you any indication that more was owed on the account? Were you given the title to the vehicle? Has the creditor given you an itemized bill stating all the fees charged? How long after you made the payment was it before you were told more was owed on the account?
Answered on Jun 05th, 2016 at 9:25 PM