National Student Loan and Credit Report Debt Attorney

If the Bank Repossesses My Car, Do I Still Owe on the Loan?

If the Bank Repossesses My Car, Do I Still Owe on the Loan?
1 (20%) 3 votes

Likely.  When the economy turned down in 2008, many Americans were unable to make ends meet, including the inability to make basic payments for necessities, like a car payment. Many people were left with the gut wrenching prospect of either having their vehicle repossessed or voluntarily surrendering it to the dealer. As this Q & A in the LA Times points out, once you return a car, you are not off the hook. Once a vehicle is repossessed, it will likely be sold at auction. Any remaining balance left after the car is auctioned off becomes the original buyer’s responsibility.

Read more here:

As the contributor of this article suggests, settlement may be an option once you are left with a deficiency balance. He also points out that it is extremely wise to contact an attorney to complete the settlement process. If you have a car repossession on your credit report, look for a qualified debt settlement attorney in your area that has abundant experience in the settlement arena.   To avoid receiving a judgment and the possibility of wage garnishment, contact an experienced debt settlement attorney. They can often drastically reduce the deficiency balance without the need for bankruptcy.

Author: Kevin Fallon McCarthy

If the Bank Repossesses My Car, Do I Still Owe on the Loan? was last modified: October 12th, 2017 by Kevin Fallon McCarthy
The following two tabs change content below.
Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.
Call 855-976-5777 or Chat Now
  • How much do you owe?
    Select your approximate debt.
    Less debt
    More debt
  • The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.