Legal Question in Credit and Debt Law in Massachusetts

Auto Loan delinquency

I own a 2006 Ford with a payoff of $17,000 and a retail value of $7,000. I am 30 days behind on payments. The loan is with AmeriCredit. What are my options? If I let the car be repossessed will I be able to get another car? There are dealers advertising buy here, pay here and a Hyundai dealer advertising new cars with no credit, bad credit, repos ok, etc.


Asked on 7/07/09, 6:49 pm

3 Answers from Attorneys
henry lebensbaum Law Offices of Henry Lebensbaum (978-749-3606)

Re: Auto Loan delinquency

Your credit seems already impacted. You may be able to cut a deal with the lender; otherwise it could be repossessed;

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Answered on 7/08/09, 10:43 pm
Joseph Murray Joseph M. Murray, Esq.

Re: Auto Loan delinquency

You never win by repo which can cost you dearly in repo costs etc.

Try to work something out personally or through your attorney. Good Luck!

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Answered on 7/07/09, 10:59 pm
JOHN TATOIAN LAW OFFICE OF JOHN A. TATOIAN ESQ.*Licensed Only in Massachusetts

Re: Auto Loan delinquency

Many people are in your exact predicament. Generally speaking, the two options available to a debtor who is delinquent in his/her payments are to let the car be repossessed or cure the delinquency and keep making payments.;)

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Answered on 7/12/09, 7:40 pm


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