Legal Question in Credit and Debt Law in Oklahoma

repo a vehicle

if you turn in a vehicle you still owe money to and they sell it for less than you owe on it what are your opptions you they want to collect the differance


Asked on 1/20/07, 1:13 pm

1 Answer from Attorneys
Steve Chlouber Fuller, Chlouber & Frizzell, L.L.P.

Re: repo a vehicle

Assuming the vehicle was repossed rightfully and sold in a commercially reasonable manner, the creditor can attempt to collect the balance of the note through a collection agency or by filing a lawsuit. You can negotiate to settle the deficiency balance for less than the balance, but many times you need an attorney to negotiate.

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Answered on 1/22/07, 4:09 pm


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