Legal Question in Credit and Debt Law in Oklahoma

legal liability for repossessed car

Am I responsible for paying the debt for the unpaid balance for a car that was repossessed?


Asked on 11/03/06, 9:20 am

1 Answer from Attorneys
Steve Chlouber Fuller, Chlouber & Frizzell, L.L.P.

Re: legal liability for repossessed car

Yes, typically the lender will sale the vehicle at a commercial sale. You are supposed to receive notice of the sale. The sale proceeds are applied to the balance of the note, and you are responsible for payment of the balance should the lender decide to collect assuming your on the note.

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Answered on 11/03/06, 1:55 pm


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