Legal Question in Credit and Debt Law in Pennsylvania

Repossessed Vehicle

I voluntarilly repossessed my vehicle, am I still binded to pay the loan? Are the payments tax deductable? I live in PA & purchased vehicle in NJ.


Asked on 12/20/08, 11:23 am

1 Answer from Attorneys
Greg Artim Morrow & Artim, P.C.

Re: Repossessed Vehicle

The vehicle will be sold at auction, and you will be credited with a payment in the amount of the sale.

You will be responsible for the difference in what the vehicle sold for and the balance on the loan. This is referred to as a deficiency.

Voluntary repos are never the way to go, you will lose alot of money.

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Answered on 12/20/08, 1:43 pm


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