Legal Question in Consumer Law in Nevada
Surrender of property
I surrendered my vehicle back to the dealer. I was upside-down in the loan. I signed a document, entitled Voluntary Repossession. The document states, ''I understand that I am surrendering the vehicle and all responsibility to the lender.''
I received a letter today stating that my original contract included ''demand for full payment and additional remedies on default,'' and therefore I owe them the balance of the loan, minus the amount they sold the car for at an auction.
I understand these documents to be conflicting. Does not the second contract modify the first? No provisions are stated in the voluntary repossession document regarding the sale contract.
If I am surrendering all responsibility, what grounds do they have to collect the remaining balance for a can I no longer have?
What, if anything, am I misinterpreting?
1 Answer from Attorneys
Re: Surrender of property
You may be responsible for the deficiency after they sold it.
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