Legal Question in Credit and Debt Law in Pennsylvania

Re: vehicle repo

Essentially you owe the debt whether you keep the car or not. If you stop payments it will be repossesed and sold. The deficit between the amount earned at sale (always an auction) and what remains on the debt must be paid by you. You also have the option of doing a voluntary repossession which just speeds up the process and doesn't harm your credit anywhere near as much as an involuntary repossession. But you will still owe the difference between the sale and the amount due.

Best option is to find a private sale. Advertise and sell the vehicle privately and use the proceeds to pay-off the note on the vehicle. The best way to effect this is to speak with the local branch of your lender and arrange to effect the sale at their office. That way they can provide the title to the buyer right there. You will need to have cash or a cashiers check for the deficit amount at the time of the sale.

Hope that helps. If I can be of assistance to you on this or any other matter please feel free to contact me. Also, please feel free to refer my name to others who may need an attorney.

Regards,

Roger Traversa

[email protected]

Arjont.com