QUESTION

my son voluntarily had his car repossed, he owes more than what the car is actually worth, how much of that debt is he actually responsible for?

Asked on Dec 20th, 2016 on Contracts - Texas
More details to this question:
can no longer make payments, he owes 20000 more than what the car is worth (approximately 7000), if the car is auctioned off and sold for 3000, what amount is he still responsible for?
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1 ANSWER

Immigration Law Attorney serving Arlington, TX
2 Awards
The answer to this question depends on what his loan documents say. More than likely, he would be responsible for the balance of the loan that is not satisfied by the sale of the vehicle. However, he should contact the company and ask them to work out a settlement with him with payments he can afford. Otherwise, the company will likely get a judgment against him. If that happens, he can still work out a payment plan to pay the judgment. It's better for him to work it out before it goes that far.
Answered on Dec 21st, 2016 at 11:58 AM

--- The Overstreet Law Firm 2100 N. Main, Suite 228 Fort Worth, TX 76164 Phone: 817-810-9747 Email: rdolaw@gmail.com https://www.theoverstreetlawfirm.com/

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