Legal Question in Credit and Debt Law in Pennsylvania

repossesion

my son is in jail and out of work the bank is about to reposses his car he still owes 9,000 dollars on the car if the bank takes the car will he still be indebted to the bank for the balance owed on the loan


Asked on 1/04/06, 9:49 pm

1 Answer from Attorneys
Mark Johns Mark Johns, Esquire

Re: repossesion

If the bank repossess they will sell the vehicle. Generally the sales do not produce as much as if he sold the vehicle privately. If there is a balance left owning after the sale the bank still has a debt that can be collected. You may wish to get a power of attorney and sell it before it is taken away.

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Answered on 1/05/06, 5:48 am


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