For those who have read the prior post of mine about the car lot.
Myself and my husband decided that after all the trouble with our '03 Dodge Durango, we were going to let it be released to the finace company. My husband had them on speaker phone today. The first conversation went as planned, him stating we were going to release the truck, blah blah. The man said ok and hung up. Not 2 hours later the phone rings again. While hubby was getting ready for work.
PFD: Pushy Financial Dude
PFD: May I speak to ******* ****
PFD: Yes my name is **** from *********
H: Yes, How can I help you?
PFD: I am the supervisor and we got in our computers you are wanting to terminate your lease.
H: Yes, as I explained to the man before, two of our payments were lost in the mail. The postman said they got there and we even had the registered mail conformaiton to prove so.
PFD: Did you send them to this office or the Clearwater one.
H: *still getting ready for work* The Clearwater one. I explained to the other gentlemen why I couldn't keep the truck. I am on my way out the door to work.
PFD: So your letting the truck go back?
H:Yes, first the payments changed from the orginal plan. They sold our car forcing us to keep the truck, The payments are too high and we can't get it refinaced due to the negitive equity on it. So can we set this up for Monday? I really need to go to work.
PFD: You do know that even if you let the truck be repo'd you are still liable for the payments.
M:*looks up scratching my head*
H: Excuse me?
PFD: Yes you signed an agreement. Even if we resell it, you are still liable for the full payment of the vehicle.
H: *looks at clock.* I really must go
PFD: SO your going to keep the truck?
THe man just kept on and on about the truck and how we were liable. Took my husband an additonal 30 minutes to get out the door to work. After the first 10 min of the conversation I left the front room. The guy was making me mad because hubby told him he needed to go.
So now we find out that since we live in Florida which is a garnish state, we are liable for the payments on the truck or they take them out of his paycheck. The guy was very rude with saying that. I caught the tail end of the conversation. Seems my husband was told that if they repo the truck not only are we liable for the two payments that were lost, we are also liable for the diffrence in the amount of payment they recieve from the auction. We owe 17 grand on the truck and if they sell it for 10 grand we still have to pay 7 on it or they are allowed to take it from my husbands paychecks.
My question is this? Are we still liable for the payments even if the truck is no longer in our possession? Are they allowed to garnish his payments even if someone else purchases the truck and are we required to still make payments even if we don't own it?
In the long run they are letting us keep the truck, even though hubby told them to come and get it until the 20th of next month. They are sending a paper out for him to sign and send back, saying they will tack the two missing payments onto the last of our account.
Will someone please clear up this confussion for me?