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

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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: http://www.latimes.com/business/la-fi-montalk-20141012-column.html

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: November 7th, 2014 by Kevin Fallon McCarthy