Capital One Deficiency Judgement?

I have an auto loan with capital one auto finance. The vehicle was repossed and sold with a remaining deficiency judgement. (I still have the title, for some reason they never made it onto the title, I'm still wondering how they sold the vehicle and if they did it as a "no title".

My questions is, does Capital One normally sue for this amount or are they more likely to charge off the 8000 as bad debt?

They are offering to let me pay 100$ /month to cover the deficiency, should I accept this?

Any suggestions for arguing breach of peace (this is virtually impossible since I did a voluntary repo) or arguing that they sold it at a not commercially acceptable price would also be appreciated.

Sorry about that, I live in Pennsylvania.

It's very hard to prove they sold the car under the commercial value. You would have to get the receipt from their sale and also find a way to prove that you could have gotten more for it.
How old was your car? Was it new? How much was your original loan? The court doesn't look kindly upon banks that undersell vehicles when they could conceivably fetch more in a private sale. Definitely something to look into.

My advice would be to continue to pay the $100 a month to cover the deficiency. This would definitely help your credit.

As for the lack of title...a title can be replaced which they probably paid for. I don't think that their lack of a title means anything. They've owned the car from the outset anyway - the title you have is probably no longer valid. The title is generally only released to the owner once the debt has been paid. If they inadvertently sent it to you, they could pay the state a small fee to get a replacement.

If you don't accept the agreement, chances are they will sue for the difference. If you are out of work or indigent, then they may not sue. If you can't afford $100 a month, I suggest that you tell them so immediately and explain your financial situation.

In PA, wage garnishment is generally not allowed so they can't take your wages, but they could put a lien on your home if you own it, take savings accounts and other investments not protected (IRA's, retirement plans and pensions are generally protected as is Social Security).

Good luck. If you can, I would suggest meeting briefly with a lawyer for 30 min. to discuss your situation. He may have other suggestions for you. Since you voluntarily surrendered the car, then I'm not sure what legal protections can be afforded. Did you surrender it during a bankruptcy?

I hope you work this out. Take care!

I would take this, as it would show up on your credit report. Of course, the repo will also show up on your credit report. I suspect you are no worse off with the deficiency on your report, as you already have the repo on your report anyway.

Thinking out loud, maybe you can make a deal (in writing) that they agree to keep the repo off of your credit report if you agree to make payments on the deficiency.

What have you got to lose?

A lot depends on what state you live in (you didn't give it).

Yes, they will like sue you for $8000 if they believe you have a good chance to pay it. If you have a job or provable income you will be a target. $8000 is a nice amount to go after.

You are right...breach of peace is impossible if you gave back the car. And you are confused about the other part. Most laws state the vehicle must be sold in a "commercially acceptable manner"...and the amount paid really has nothing to do with it.

Example, if the sell it at a private auction with only 2-3 people in attendance, that is not commercially acceptable. If it's sold without any public notice, that qualifies also. But if the hold an auction and it only sells for half it's value....well the reason people go to auctions is to look for deals. The creditor is just trying to recover his money and he's not going to go into a lot of expense to do it.

Not the answer you wanted to here. Sorry.

When a repossession order has been approved by the court no title is needed by the repo-man or loaning institution

What the loan balance after sale is deducted form the selling price. Goes to the proper accounts.
After court cost and repo fees not much is left if any were....

Any debit balances are to go to the proper parties the one who signed for the loan.

The bank does not write off a loss it still has to account for all money it loans out and balance its books.