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  1. #1
    Join Date
    Mar 2008
    Posts
    2

    Default Voluntary Repossession In Texas

    Hello, I was wondering if you can help me.

    I voluntarily repo'd my truck in October 2006 because I was sentenced that day to prison for 15 months. At the time I repo'd the truck (which was thru a bank) I told them the truth about why I could no longer make payments.

    Last year while I was gone, they sent a letter to my house that says they sold my truck at auction. According to them they sold it for about $12,000 (I can't remember off hand the exact amount). Anyways, the blue book value on this vehicle was $19,800. My first question is can they sell it for that much lower than blue book and can I request from them a bill of sale.

    I know that I am liable for the difference of what they sold it for and what I owed on it (which was close to $30,000). Can they take me to court and what would happen if they did. Can they take my house? That is pretty much all I have. I owe lots of restitution (the reason I was in prison). I have been out of prison for about a month and a half. I have a 401K but according to my probation officer, it is now frozen. It will either have to stay there or be applied to the restitution.

    The collection agency is calling and calling and harassing my mom who lives with me. The lady who called today was very rude to my mother and the lady asked for my work number so she quote "could embarrass me at work."

    Thanks for your help!

  2. #2
    Join Date
    Jul 2006
    Posts
    5,437

    Default Re: Voluntary Repossession In Texas

    Q: My first question is can they sell it for that much lower than blue book and can I request from them a bill of sale.

    A: Yes and yes.




    Q: Can they take me to court and what would happen if they did. Can they take my house?

    A: Yes if they get a judgment against you.

  3. #3
    Join Date
    Mar 2008
    Posts
    2

    Default Re: Voluntary Repossession In Texas

    I just remembered something else...I have homestead exemption on my house...can they still take it?

    What suggestions do you have for me? Do you think they would settle with me and if you think I should try that...at what percent should I try.

    Thanks!

  4. #4
    Join Date
    Jul 2006
    Posts
    5,437

    Default Re: Voluntary Repossession In Texas

    Q: Do you think they would settle with me and if you think I should try that...at what percent should I try.

    A: Start at 50%.

  5. #5
    Join Date
    Feb 2008
    Location
    Austin, TX
    Posts
    48

    Default Re: Voluntary Repossession In Texas

    Quote Quoting seniorjudge
    View Post
    Q: My first question is can they sell it for that much lower than blue book and can I request from them a bill of sale.

    A: Yes and yes.




    Q: Can they take me to court and what would happen if they did. Can they take my house?

    A: Yes if they get a judgment against you.
    Actually, here in Texas, they can't take your home if it's your homestead.

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