Vehicle Repossession & Deficiency Balances

Vehicle repossession creates two separate commercial situations — the repossession itself and the deficiency balance that remains after the vehicle is sold at auction. Both are commercial instruments. Both can be addressed through Equity.

The deficiency balance notice is a presentment. The finance company is presenting a claim for the difference between what you owed and what they recovered at auction. Equity treats this the same as any other commercial demand — accept the presentment on its face and return it through the proper channel.

This situation is currently being worked through the coaching program for students with active repossession deficiency matters. The process is the same as other unsecured commercial debt once the repossession has been completed.

Vehicle finance matters Equity has addressed:

• Repossession deficiency balances
• Finance company collection notices post-repossession
• Vehicle loan disputes

For active repossession situations where the vehicle has not yet been taken, private coaching is strongly recommended given the time sensitivity involved.