Legal Question in Credit and Debt Law in Tennessee

What will happen depends upon Toyota Financial and what that company wishes to do. Upon your surrender of the vehicle they will most likely sell the car and apply the proceeds to the note that you owe. If the sale proceeds are sufficient to fully pay the note and all of the expenses of the sale, you then have no further obligation to Toyota Financial. However, if the sale proceeds are not of a sufficient amount to fully cover the payoff of your loan and all the sale expenses, there will be a deficiency. Toyotal Financial would then have the right to make a demand for you to pay the deficiency and if you failed to do so, they could then file suit against you. Whether Toyota Financial would do this however, is unknown as that is a question that can only be answered by that company.

Although you have no property or a job at this time, judgments in Tennessee are valid and enforceable for ten years and will accrue interest. Also, when the ten year period of a judgment is about to expire, the judgment can be renewed for an additional period period of ten years and this can keep going on and on. Thus, should you acquire property at any time in the future, your property can be taken and sold to satisfy the judgment debt; likewise, should you become gainfully employed, your salary would be subject to garnishment.