More details to this question:
I have an open car loan of 14,000. The vehicle does not work. I wish to return it but the bank says they do not pick up vehicles that are not running. They will proceed with further action. What are my options? Im self employed.
1 ANSWER
Bankruptcy Chapter 13 Attorney serving Athens, GA
Partner at
Morgan & Morgan Attorneys at Law, P.C.
2 Awards
Unfortunately, a lender is not required to accept a voluntary repo. It can simply ignore the collateral and proceed against you for the underlying debt. You may want to consider having the vehicle repaired and trying to find a buyer. If you cannot sell it for what is owed, you will need permission from the bank. If you have access to a lump sum amount of money, you may be able to negotiate a settlement of the debt for less than the total owed. Otherwise, you may want to look at your bankruptcy options, particularly if you have other debts that you are having difficulty with.
Lee Morgan
Morgan & Morgan
Athens, GA
morgan@morganlawyers.com
Answered on Jan 22nd, 2013 at 2:19 PM
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