New York | Credit and Debt Law
2/20/04, 9:54 pm
Legal Question
Upside Down Auto Loan
Three years ago my vehicle was totaled in an attempt to avoid hitting a deer crossing the road. My insurance company paid the financing institution the blue book value of the vehicle at that time, which of course was less than what was owed on the vehicle. I do get collection letters from time to time, but I would not say it is done in a harrassing manner. Am I still obligated to pay the difference? What are my options at this point?
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