Legal Question in Credit and Debt Law in New York

volentery repossesion

if i send back my vehical,volentarly due to financial difficulties whatam i liable for and can they put a lien on my house.


Asked on 12/05/05, 4:40 am

1 Answer from Attorneys
Allen Kaplun Law Office of Allen Kaplun, P.C.

Re: volentery repossesion

If you surrender your vehicle, you would be liable for any deficiency which would result from a judicial sale.

Most of the time, the banks sell cars at rock bottom prices at auctions and deficiency judgments are almost inevitable.

Usually the best route to take is to pay the arrearage and sell the car yourself.

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Answered on 12/05/05, 9:15 am


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