Legal Question in Credit and Debt Law in Oklahoma

Voluntairly turning back a car I can't afford

I would like to know if you have a car you are voluntarily turning back and the car is all the loan company (which was purchased through a dealership) has for collateral, can they come back on you for the difference or garnish your wages? The company that had the orginial note on the car has since gone out of business and was sold to another company. This was not a bank, but a finance company we used through the dealership.


Asked on 3/13/04, 4:51 pm

1 Answer from Attorneys
Herb Southern The Southern Law Firm

Re: Voluntairly turning back a car I can't afford

More than likely, they will sell the car for a pittance and sue you for the difference between what they get and the contract price. It is not pretty, but it is done every day.

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Answered on 3/14/04, 10:57 pm


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