Legal Question in Credit and Debt Law in Michigan

Due to a serious decrease in income, we can not afford to keep the vehicle that we have. We did not lease, we purchased. We contacted the lending institution that we contracted with for the loan and explained our situation. We let them know that our only option was reposession. After several calls requesting reposession the lending institution started making increasingly nastier threats. Now we are 3 months past due. We know that we are responsible for what is still owed after auction. They want the past due amount for the months that we have been trying to arrange reposession to be paid immediately. They stated, in a letter that if we do not pay it within 10 days, they will demand payment of the full loan immediately without option for making payments. Everyone that we have spoken with states that it would be best to wait and arrange payments on the remaining amount after auction. I would like to know our best choice from a legal standpoint.


Asked on 8/06/09, 4:35 pm

1 Answer from Attorneys
Timothy Klisz Klisz Law Office, PLLC

Let them sue you then you will be dealing with the much more reasonable attorneys. A judge can always entertain a payment plan once you are in Court. Visit www.kliszlaw.com to discuss further. Tim Klisz

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Answered on 8/11/09, 5:28 pm


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