What to do? What are my rights? Can I make payments for x amount of time,say 4 years??

My car was repossessed last Sep. 02 when I was deployed. The car was auctioned and was sold for $13,700. I had a 2000 Mitsubishi Eclipse under 10000 miles. Mitsubishi says I still owe them 11,511.80. We came back from depoyment and I received a letter from a collection agency GC Services Limited Partnership Collection Agency (6330 Gulfton,Houston Tx. 77081). I am willing to make payments if necessary but the guy I talked to is already calling the amount that I have to pay which is $500 a month.I can afford $250.Besides I do not know if the car is really sold for 13,700. The questions are: What are my rights? Can I make payments? Please respond as soon as possible.

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