New Mexico | Credit and Debt Law
9/06/09, 10:19 pm
Legal Question
Can a company continue to collect on a debt (auto loan) through a lawyer if the vehicle was voluntarily surrendered? If so, for how long?
Share This On:
9/13/09, 11:29 am
Legal Answer
Normally such vehicles are auctioned off at low prices, and the borrower still owes the balance of the loan less the price the vehicle brought. With or without the financed motor vehicle, the loan must be paid in full, so payments must be made for so long as that takes.
Share This On:
Charles S. Aspinwall, J.D., LLC PO Bx 984 Los Lunas, NM 87031-0984
► Other answers from this attorney
