Legal Question in Banking Law in Georgia
Defaulted auto loan
Hi, I have defaulted on my auto loan. I am unable to pay for it and have notified the bank about turning it back in. They have written it off as a bad debt on my credit report. They advised me via email they will not take the truck back and that I should take it to a junk yard and sell it for parts. This is a 2004 model truck I owe $28000. on it. If they don't want it. A junk yard want take it with out a title. So what can I do with the truck?
Asked on 8/21/08, 11:30 am
1 Answer from Attorneys
Scott Riddle
Law Office of Scott B. Riddle, LLC
Re: Defaulted auto loan
One obvious option is to make a deal with the lender to pay for it, and get the title. Perhaps they will accept a lower settlement offer.
Answered on 8/21/08, 12:07 pm
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