Legal Question in Credit and Debt Law in Florida

auto reposession

I have a vehicle that is financed in both my name & my ex-husband's.I am now unable to afford to keep the vehicle.He does not want it.I have been keeping up the payments but with much trouble.If the auto is reposessed what repercussions does the lender have?Can they sue me for the balance of the loan after the auto is re-sold at auction?If so,can they put a lien on my income?


Asked on 10/20/05, 9:28 am

1 Answer from Attorneys
Tonia Troutwine, Esquire - Troutwine Law Group. LLC

Re: auto reposession

The answer is that if you forfeit on the loan the auto financer will have legal rights to collect on the amount of the contract. Chances are the vehicle will sell well below the price you owe since vehicles rapidly depreciate in value. If you no longer want the burden of the vehicle your best bet is to find someone that will purchase the vehicle for the amount you owe on the loan or a little more , if the loan is assumable- they may assume the loan. You may also seek to refinance the loan for a lesser interest rate that may ease the burden of the monthly payment. Also, if the vehicle is in both names, you may file an action against your ex to collect the amount of monies you are having to pay on his behalf for his ownership interest in the vehicle.

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Answered on 10/21/05, 5:21 pm


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