Legal Question in Credit and Debt Law in Maryland
Truck repossession
What rights does a debtor after a vehicle has been repossessed? As far as trying to get it back? We tried to talk to the lady at the bank about paying for three months at once plus towing and storage fees but all she kept saying we could do was to pay it off in full.
1 Answer from Attorneys
Re: Truck repossession
Sorry to hear of your difficulty.
In general, a secured creditor is under no obligation to negotiate away their right to repossess the collateral in the event of a default under the promissory note. The best time to negotiate is before they undertake the repossession. The next step now will be for them to sell the vehicle, probably at auction, and the price received will probably not cover the full amount owed. Then the bank will have a deficiency judgment against you for the difference. You could try to buy the vehicle back at auction but you would still owe the deficiency judgment.
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