Legal Question in Credit and Debt Law in Georgia

car loan default

what happens when i give my car back to the lender?


Asked on 1/08/08, 9:39 am

2 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: car loan default

They sell it at auction, and you owe the difference between the payoff (or lease payments) and the low amount they sell it for.

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Answered on 1/08/08, 10:11 am
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: car loan default

Besides a blotch on your credit, the car will be sold, and usually there will be a large deficiency. Youy get sued for that, and later get hit with garnishments, etc. Before considering doing it, see a lawyer.

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Answered on 1/08/08, 10:35 am


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