Turning a truck in

ladylexx1 · #1 07-25-2006, 08:29 PM

I Live In Ga And I Was Wondering What Was The Consquences Of Returning A Vechile. We Have Never Been Late Or Missed A Payment But Its Not In Our Budget Right Now. And Can We Recover From A Repo Regardless If It Was By Choice Or Not, How Ong Will It Take To Recover

IAAL · #2 07-25-2006, 08:34 PM

Quoting ladylexx1

I Live In Ga And I Was Wondering What Was The Consquences Of Returning A Vechile. We Have Never Been Late Or Missed A Payment But Its Not In Our Budget Right Now. And Can We Recover From A Repo Regardless If It Was By Choice Or Not, How Ong Will It Take To Recover

My response:

Try selling the vehicle, first - - even if you have to take a loss on the value. Remember, there's still a contract, and you'll still have to pay the deficiency if you turn the vehicle back to whomever you bought it.

IAAL

ladylexx1 · #3 07-25-2006, 08:42 PM

And If We Cant Sell It And Take The Hit, Will They Sue US Or Garnish Paycheck We Are Military

IAAL · #4 07-25-2006, 09:03 PM

Quoting ladylexx1

And If We Cant Sell It And Take The Hit, Will They Sue US Or Garnish Paycheck We Are Military

My response:

If the vehicle has a current value of, say, $8,000.00, wouldn't selling it for $6,000.00 make sense to you? In a "Deficiency Sale" (Auction), the vehicle will be sold for, perhaps, only $2,000.00 and you'll still be stuck with the contract price, minus what you currently owe. That's a huge deficiency.

Yes, the creditor will still sue you. So, take the "hit" and pay off the balance before your credit goes into the toilet, and your CO catches wind of these problems.

IAAL

aaron · #5 07-25-2006, 11:07 PM

IAAL is correct. Also, if the car is repossessed and auctioned, you'll probably also owe fees for the repossession and sale.

ggauf · #6 07-30-2006, 03:45 PM

Quoting aaron

IAAL is correct. Also, if the car is repossessed and auctioned, you'll probably also owe fees for the repossession and sale.

one of you guy's probably should look into the laws for the military folks in these situations, not being a lawyer it's out of my experience (not military myself) but I do know there are some protections for them right now that may give more relief or better guidence for their situation.