Legal Question in Credit and Debt Law in West Virginia

Default in loan
I have been an owner-operator truck driver for 6 years, have always paid my bills on time. For the last 6 months or more, I have struggled to pay my truck payment and now see that I can no longer keep the truck. I have notified the finance company and now they want me to sign an agreement for them to take possession of the truck for resale and for me to pay any remaining deficiency balance. Legally, would I be better off to sign this agreement or just let them repossess the truck? I will not be able to pay the remaining deficiency balance either way. What should I do? I appreciate any advice you can offer me. Thank you.

Asked on 5/29/09, 4:53 pm

David Anderson Anderson Business Law LLC

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Re: Default in loan

Biz name or personal?

You should negotiate an even swap-NO Deficiency.

Otherwise tell them your atty is advising BKY.

Call or email for help.

Answered on 5/29/09, 5:09 pm

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