QUESTION
Can I still be charged the full amount of the car loan?
Asked on Apr 25th, 2015 on Bankruptcy - Illinois
More details to this question:
I bought a car for $5000 and only owed $1500 and the car was reposed and then sold can they take me to collections for the whole amount that the loan was for? Even if payments were made to bring the amount down than they are sold? The car for what the loan value was for can I still be charged the full amount of the loan?
1 ANSWER
Debt Collection Attorney serving Chicago, IL
Partner at
Edelman, Combs, Latturner & Goodwin, LLC
2 Awards
No. If the car was sold and part of the loan was still outstanding after application of the proceeds of sale, you can be sued for the deficiency. This assumes that statutory notices were given and the sale was commercially reasonable. If the sale brings more than the debt, you are entitled to the surplus.
Answered on Apr 29th, 2015 at 8:36 AM