We are a small home improvements company with only two employees. We bought a new truck in April of 06 and made all the payments up until October of 07. (A client that we had done work for stopped paying us for the job.) The bank sent out notices that they could repo the vehicle, and on November 21, the day before Thanksgiving, they repossessed the truck. We had family from out of town, and everyone here noticed someone getting into the truck to start it. (The truck had a 7x14 trailer attached to it.) The repo company had the wrong key to start the truck, so, being gracious, I gave them a key that would work in lieu of taking the trailer that was on the truck.
Push came to shove, and we tried to pay the amount owed to SunTrust, and they refused to accept it. They wanted the full balance, which was 40k. No biggie. They claimed they would sell it at auction on December 21 at Fredericksburg auto auction. It never made it to the auction block. We got another letter in the mail stating that the truck was to be auctioned off again on the 5th of January.
Then we got a letter in the mail on January 28th that the truck was sold for 21,600, which left a balance of 23k. We contacted them about it and were trying to come up with a viable solution for payback. On January 24th of 2008, SunTrust Bank took a CD (cash deposit) that was not mine. (The CD belongs to my mother and father, and in case of anything happening to them, I was the beneficiary.) It was in the amount of $4,600.00. We received a letter in the mail on 2/18 stating that they wanted to make arrangements of $400.00 a month and that the first payment was to be taken out on 3/3. I was told by the bank teller that money from a 15k deposit was clearing on 2/29. I went to Home Depot to purchase $3200.00 worth of materials, only to find out that my card was declined.
I called SunTrust, and they said there was no money in the account. How embarrassed am I at this point! No money to continue on the job, no money to pay my employee. I am at a point where today I had to take a 2k loss selling my boat to help cover costs.
On 2/29 SunTrust removed $13,894.00 from my checking account and left me with .75 in the account. I called, and they said they have legal recourse to remove money however they see fit. We owed them a debt, and they enforced full payment of the sum. They held a 15k check from clearing. What am I to do besides face bankruptcy?
Is this legal and legit?
Help me and my business from the tyrant SunTrust!
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