Legal Question in Credit and Debt Law in Illinois

reposed car

If a car is reposed can they make you pay the loan off?


Asked on 11/26/08, 11:33 am

2 Answers from Attorneys
Motty Stone Law Offices of Motty Stone

Re: reposed car

Who repossessed the car? If it was the same lender that made the car loan, then it depends whether or not the loan was "for recourse" meaning they can still go after you for what was left. Either way, whatever money the lender gets for selling the car should go toward paying off your debt.

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Answered on 11/26/08, 2:37 pm
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: reposed car

If there is a deficiency left when the car is repossessed, yes, a deficiency judgment can be obtained against you and your wages can be garnished, etc.

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Answered on 12/08/08, 12:50 pm


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