Legal Question in Credit and Debt Law in New Mexico

Can a company continue to collect on a debt (auto loan) through a lawyer if the vehicle was voluntarily surrendered? If so, for how long?


Asked on 9/06/09, 10:19 pm

1 Answer from Attorneys
Charles Aspinwall Charles S. Aspinwall, J.D., LLC

Normally such vehicles are auctioned off at low prices, and the borrower still owes the balance of the loan less the price the vehicle brought. With or without the financed motor vehicle, the loan must be paid in full, so payments must be made for so long as that takes.

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Answered on 9/13/09, 11:29 am


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