Legal Question in Bankruptcy in Texas

Returning an Automobile

I am paying for a 98 ford ranger and i owe about $15,000 on it and i have been paying for it for over a year. Due to unexpected circumstances i need to get out from under this vehicle. I know I could call them and tell them to come and pick it up or stop making payments and let them come pick it up.I was just wondering if there were another option that would not look so bad on my credit, if not which one would be the best. I can't sell it and get what i owe on it.Please someone help.


Asked on 6/24/99, 8:13 pm

1 Answer from Attorneys
Bunji Fromartz Fromartz Law Offices

Re: Returning an Automobile

I assume you don't want to declare bankruptcy . The only way here ios to get some one to take over your lease, or if the car is worth it, get your own seller and pay the difference assuming its not too much. If you give back the car you will not get top dollar on the sale.

Be sure to talk with a lawyer regarding this matter, your state may have different rules or laws, or your contract (the lease) may have certain give back, surrender or sale provisions that must be complied with.

This is a personal and not a legal opinion.

Do not rely upon it without consulting an attorney in your area.

If you are looking at a $15,000 liability, it is worth it to pay for a consultation to protect yourself and explore all the options!!

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Answered on 7/08/99, 11:06 am


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