Legal Question in Credit and Debt Law in California

Vehicle/RV Reposession

Due to economy, job loss and significant reduction in payscale at new position, I can no longer afford my RV. My FICO score is 800, so I am not a dead beat, but I have no other alternatives but to let it go...do I? US Bank will not work with me on this. If I voluntarilly surrender RV, what are my liabilities?

Thank you for your help.

davbgood


Asked on 2/11/09, 8:30 pm

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: Vehicle/RV Reposession

If you voluntarily surrender, it is the equivalent of a repo both for credit purposes and due to the fact that they will auction it cheap and charge you the difference. Depending on your overall situation you might be able to lower the principal and interest on your loan in a Chapter 13.

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Answered on 2/11/09, 8:40 pm


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