Legal Question in Credit and Debt Law in New York

I owe $25000 to a financial institution for a 2 y/o vehicle that has low miles.y loan is considered upside down because my vehicle is valued to be $8800.

My plan is to notify my lender that I cannot afford the vehicle and must return same asap. Besides hurting my credit..what other bad issues will I face?

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Asked on 2/23/17, 8:25 pm

1 Answer from Attorneys
David Slater David P. Slater, Esq.

The can seek the balance due on the loan.

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Answered on 2/24/17, 4:17 am


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