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

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Old 02-05-2009, 12:33 PM
kirk92s kirk92s is offline
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Default What Actions Can Be Taken with a Voluntary Repo
My question involves an auto loan or repossession in the State of: Texas
What actions both legal and civil can be taken by the bank if i am to give back a car. Also will i have to pay what is owed after the car goes to auction?
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Old 02-05-2009, 12:48 PM
OhMy OhMy is offline
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Default Re: What Actions Can Be Taken with a Voluntary Repo
Quoting kirk92s
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My question involves an auto loan or repossession in the State of: Texas
What actions both legal and civil can be taken by the bank if i am to give back a car. Also will i have to pay what is owed after the car goes to auction?
With a repo the car is sold at auction. Usually for half of the retail value. The deficiency along with repo fees, storage fees, legal fees can really add up.

The lender usually then sues you for a judgment in court. Then they can collect by legal means to satisfy the judgment. Garnish bank accounts etc.
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