Legal Question in Credit and Debt Law in New York

Turning in an auto.

My financial situation has taken a turn and i would like to turn in my auto to the dealer. I still owe $19,000.00 on the loan. What will happen if i do turn in my auto?


Asked on 8/04/08, 4:30 pm

1 Answer from Attorneys
jeffrey lazroe Jeffrey A. Lazroe attorney at law

Re: Turning in an auto.

The car will then be sold at auction for pennies of what is worth. You will then be sued for a deficiency judgment, what you owe minus what it was sold for.

I would strongly suggest that you sell the car on your own or through a dealer. If you repay the debt through the sale, you would be better off for it.

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Answered on 8/04/08, 4:36 pm


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