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Auto Loans and Repossession Creditor actions following late payment or default on motor vehicle loans.

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Old 01-27-2009, 06:38 PM
dartyke dartyke is offline
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Default Are You Required by Law to Pay Repo Off in Full
My question involves an auto loan or repossession in the State of: Georgia
my vehicle was repossessed and sold at an auction. I have been notified of the remaining balance, but if I had the balance I would of never gotten it taken in the first place, so with that being stated I want to know if I can make payments (small payments) to pay the balance off. I have another vehicle now and I have to pay for this car so I can't make enormous payments for a car that is already gone. Please help!!!
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Old 01-27-2009, 06:41 PM
cyjeff cyjeff is offline
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Default Re: Are You Required by Law to Pay Repo Off in Full
You are responsible for the debt. The car was collateral... when the car was sold, you are still responsible for the remainder of the debt.

It will be up to the lienholder if they wish to allow payments.

this is a civil matter... not a criminal one.
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Old 01-27-2009, 10:33 PM
Betty3 Betty3 is offline
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Default Re: Are You Required by Law to Pay Repo Off in Full
You can call & ask if they "might" accept less than the balance due and/or a payment plan. However, as the other responder noted, they don't have to - you owe the full balance due at this time.
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