Legal Question in Credit and Debt Law in New York
Auto Repossesion
I'm a co-signer on a auto Loan, and the payments are in arears, and the finance's company repo agent wants me to surrender the car, until I catch up on past payments. Is this true? or is it a way to repo the car, and keep it unless I pay off the entire balance? I plan on paying the back payments this friday, but they want the car now.
1 Answer from Attorneys
Re: Auto Repossesion
I am not sure that I understand your question exactly -- I'll just respond that under Maryland law the finance company will be entitled to additional fees and costs as "repo fees" once they take the car. Thus, it's usually better to simply catch up the back payments w/o giving up the car (note: they can take the car so long as they can do so peaceably, but there's not usually anything they can do to make you affirmatively bring the car to them yourself).
Lawrence R. Holzman, Esquire
Joseph, Greenwald & Laake, P.A.
6404 Ivy Lane, Suite 400
Greenbelt, MD 20770
(301) 220-2200
fax (301) 220-1214
Disclaimer: Please note that the posting of this response is not intended to constitute legal advice. You should contact an attorney to obtain information applicable to your situation. This posting is not confidential or privileged and does not create an attorney/client relationship.
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