Legal Question in Credit and Debt Law in Alabama

reposesion

If my car is reposesed am I still resposible for any money to be paid back to creditor


Asked on 10/09/07, 5:44 pm

1 Answer from Attorneys
Rhonda Hood Hood & Lay, LLC

Re: reposesion

You still are responsible for paying any deficiency on your loan, and your creditor may enter the repossession on your credit report. Any difference between what you owe on your loan and what your creditor gets for reselling the vehicle is a "deficiency." The creditor can file suit for the defiency owed on the loan. If they obtain a deficiency judgement that will also likley show up on your credit.

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Answered on 10/09/07, 5:56 pm


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