Legal Question in Intellectual Property in Texas

I ended upside down over a Nissan truck loan with my cu. I owe $10,000. I financed the truck for my son. We both lost our jobs last year. Pat Davis, of the CU, told me that if I voluntarily turned in the truck, It would not go on my credit as bad. Lie. It has already hit my perfect credit report that I have worked hard to have for 62 years. I am sick. What shall I do. I do not have a job. He had my cell # but I moved in July and he stated he tried to call me July 22 but my home phone had been disconnected because of my moving. This is so unfair.

Beth Myers


Asked on 10/06/10, 4:37 pm

1 Answer from Attorneys
Charles Williamson Charles J. Williamson, Attorney At Law

It is, no doubt, unfair to you. However, its more unfair to the people who financed the truck, based on your contract agreement to pay, if you are not held responsible. I know its nothing you want to hear, but when you financed the truck you were betting, in effect, that between you and your son, you would have the loan payments covered. You lost your bet.

Be careful to remove your money from your bank. If you do not, you may soon find that it has been levied against by the people who financed the truck. This means that they get to keep your money deposited in your bank, up to the amount of the outstanding balance due on the loan. This is usually done after getting a judgment against you on the loan - but sometimes these judgments have a way of not being reported to you. Then the way you discover that your accounts have been levied on is when you try to write a check or make a withdrawal.

Sound unbelievable? It is. But they get away with it every day of the week. Hope this helps.

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Answered on 10/11/10, 7:56 pm


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