Legal Question in Credit and Debt Law in Missouri

Re: Vehicle Reposession

The creditor will attempt to resell the vehicle although it does not have be done at a public sale or auction. The proceeds of the sale after deduction of the costs of rehabilitation of the vehicle if necessary will be applied to your net balance as of the date of sale. The creditor will then presumably follow up for collection of its "deficiency" balance.

You might want to see if you can come up with a purchaser on your own who might want to pay more for vehicle than the creditor will probably receive in a private sale. You would need to put the potential purchaser in touch with the creditor immediately as the private sales tend to close quickly after the creditor obtains possession of the vehicle. The more obtained on the sale the smaller your deficiency balance.

JIM VAN DILLEN