Legal Question in Credit and Debt Law in New York

Re: voluntery repossion

They will sell the car at a private auction. It will come up short. They will ask you for the money. If you do not pay, they will sue you for the difference, which could, depending on the year of the car and the condition, be thousands of dollars.

Good Luck

RRG

Re: voluntery repossion

Your credit record will show your surrender of the vehicle as a repossession without mentioning that you did this voluntarily. It will also show that you are delinquent on the debt.

The creditor cannot levy on your bank account or wages, until they get a judgment against you.

The vehicle will be sold at an auction, with the proceeds applied against your debt. The debt will by computed by adding up the balance of the payments you were to make, plus the repossession costs.

If you do not pay them, they will eventually sue you, get a judgment, then levy on your bank account, and wages.

Frank Loscalzo, Esq.