Legal Question in Credit and Debt Law in New York
Financial responsibilities after car repossession
If my car were to be repossessed due to my inability to keep up with the car payments- what is my financial responsibility after the car has been taken? Am I still responsible for any money owed? What action can be taken against me? Thanks!
Asked on 10/27/03, 1:38 pm
1 Answer from Attorneys
Guy Lewit
Guy Mitchell Lewit, Esq.
Re: Financial responsibilities after car repossession
you are responsible for all costs associated with the repossession of the car, plus all the costs you were supposed to pay up through the end of the lease (ends when they get the car back) plus whatever penalties you agreed to pay in the event of repossession LESS the amount they recovered from the sale of the vehicle (that's net of all those expenses).
Answered on 10/27/03, 2:32 pm
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