Legal Question in Credit and Debt Law in Florida

in 2003 we bought a new rv and took a note out with a bank to finance it. at this point we cannot afford it and have been trying to sell it for almost a year. we are slightly upside down at the moment and at finally at a point of seriously considering a voluntary repo. we live in Florida and want to know what we can expect or should do after turning the rv over to the bank.


Asked on 2/27/12, 1:06 pm

2 Answers from Attorneys
Angelo Marino Angelo Marino Jr. PA

Unfortunately, voluntarily returning the vehicle does not prevent your obligation to pay under the terms of the agreement. If the vehicle has little value, depending upon the agreement, they will auction the car off at public and/or private sale. Whatever deficiencies there are on the vehicle after sale you will have to pay for. However, they must give you notice of the auction of private or public sale. Most of the time they violate the law regarding this notice. If they violate this, then they will waive any deficiency. So it would be important to see a consumer lawyer in your area if and when this occurs. If they fail to give you any notice of sale, then they waived the deficiency.

The question you have to ask yourself is whether there is any benefit to voluntarily returning the vehicle.

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Answered on 2/27/12, 2:00 pm
Lucreita Becude Lucreita D. Becude, P.A.

they will sell it for next to nothing as I just had a $100,000.00 motor home repossessed from an estate - they sold it for $25,000.00 and levied the balance due on the estate. so. You can look forward to having your credit ruined as they will file a judgment on you for the balance that they can not recap.

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Answered on 2/27/12, 2:01 pm


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