Legal Question in Credit and Debt Law in South Carolina

Re: Car Reposssesion

What you're being hounded for is what's called "the deficiency" - the amount of the payoff on the loan minus the sale price of the vehicle after repossession equals your deficiency. Just because the car didn't fetch as much as you owed, that doesn't mean you're off the hook - necessarily.

Now, you may have a defense against further collection efforts. Just one example: the statute of limitations might have run. You may also have claims against the lender (improper fees may have been added to the amount claimed, ,for instance). Or you might be judgment proof. Finally, you might consider filing for bankruptcy.

However, I wouldn't advise taking ANY course of action without speaking to a lawyer about your specific situation. All of these possible options are highly fact-specific and must be evaluated carefully. A good consumer lawyer can lay out your options, evaluate your chances for success on any one or more of them, and advise you about what you ought to do.