I need some legal advice on a repossessed car?

So my husband and I purchased a car back in 2005 (he was the signer %26amp; I the co signer). The car was repossessed (long story). Anyhow, we owed 20 thousand on it but they auctioned it off for 10 thousand which left us owing a balance of $9,655 dollars to be exact. Now a law firm (Mitchelle %26amp; Kay in New york) has bought the account. They offered me 4,645 to settle the account. I told them I wanted it lower. Now they are offering me 3,880 to settle.





Should I just pay it or try to go lower? If I don't pay anything do you think they would go ahead and try to sue me for the money?





No rude answers please. I really need some advice.


Thank you =)I need some legal advice on a repossessed car?
take it. Get it in writing that this is payment in full and no other amounts. balances, interest or charges resulting from this foreclosure will be due and payable.I need some legal advice on a repossessed car?
tell tehm you cant afford it and make them a offer lower than you can afford and see what happens
They have knocked more than half of what you legally owe.





I would pay it!!!!





Since this is a law firm, you dont have to guess if they can sue you.


If and when they do, you MIGHT be responsible for paying the attorney's fees when you loose.


There is NO way you can win since you do owe the money. If they have to go thru the hassle of suing you please believe that you will be sued for the entire amount plus court costs.





Get the offer in writing and have them stipulate that the amount will then be paid in full and that they will delete any negative information on the credit reports regarding this debt


(doubt that they will do the last part but it is worth it to ask)





Again, I would pay it



This kind of debts are sold in lots. Every time they're sold, they value diminish because it's harder to collect them. Legally, you owe $9,655 but now you know that it was sold for less than $3,880. It's hard to estimate how much they paid for it, whatever they get above it (deducing costs) it's earnings. At some point, they'll may find out that it's worth taking you to court or put you in another lot and sale the debt.





Take your chances and make an offer. But be sure that when you pay, you get clear for the whole debt. They must give you a receipt for what you pay and some kind of certification that the rest of the debt has been written off.