Legal Question in Credit and Debt Law in Ohio

I've been unemployed since 2/09 and needless to say the bills are piling up. I'm past due on my car loan (1000) and haave been advised that the finance company is ready to repo. We've discussed several options, but they all include nothing less than a full payment and preferably a lot more. At their recommendation I took the vehicle to Car Max for a quote to purchase. I was advised they would give me the auction value of 3500. This is obviosly too low. I also got an offer from the dealer I purchased the car at for 5000. The finance company stated this was unacceptable. My question is, can they refuse an offer that is higher than the going auction rate and force me to let it go at an auction? Thanks for your time and advice. James

Asked on 9/23/09, 5:52 pm

1 Answer from Attorneys

Dan Guinn Guinn Law Firm, LLC
0 users found helpful
0 attorneys agreed

I would sell the car for whatever money that you can get and then pay off the remainder. All they are really interested in is the money and they do not want the car back.

Read more
Answered on 9/26/09, 1:03 pm

Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Ohio

Looking for something else?

Get Free Legal Advice

88953 active attorneys ready to answer your legal questions today.

Credit, Debt and Collections Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Glen AshmanAshman Law OfficeAtlanta, GA
Barry SteinDe Cardenas, Freixas, Stein & ZacharyMiami, FL
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now