Legal Question in Credit and Debt Law in Ohio

can I be sued for the balance owed on a car I had repossessed


Asked on 4/15/10, 12:34 pm

1 Answer from Attorneys
Harold Paddock Harold Paddock Co. LPA

Generally, yes. It is called a deficiency judgment and it represents the amount of the car loan unpaid after the proceeds of the sale of the car are deducted from the loan balance. You can try negotiating with the lender to see if you can get a break on the balance.

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Answered on 4/21/10, 7:38 am


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