Legal Question in Credit and Debt Law in Tennessee
Allow repossession or not?
I have bought a second vehicle for my nephew and he was to make the payments and now he is not. I am having to make the payments. It has really faced me in a financial bind. All my bills are current but getting tougher to keep making the extra vehicle payment. How bad would it hurt my credit if I let the extra vehicle go back, and would I be stuck paying off the balance of the amount that the truck does not bring, or if they reposse it would I be free and clear? I just won't out from under it cause I can't afford to continue to make the payments. Please advise!
1 Answer from Attorneys
Re: Allow repossession or not?
The bank can and will pursue you for the balance of the money should they take the truck back and there is still a balance. Your credit would also be terribly hurt. If you are tired of paying, then take the vehicle and sell it yourself and pay the loan off with the money. If there is still a balance, then continue to pay the bank until it is zero. (You would probably end up fetching more for the truck then the bank would in a sale).
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