Legal Question in Credit and Debt Law in Texas

auto loan default

what are the ramifications of having a auto repossessed.


Asked on 2/18/07, 8:50 am

1 Answer from Attorneys
Lewis Palomino Law Office of Lewis Palomino

Re: auto loan default

Aside from the obvious hit to your credit rating, the bank may sue you to collect any deficiency from the sale of the car. You will be notified about the pending sale or disposition of the car. If the bank cannot recoup the entire cost of the amount of the loan used to pay for the car, the bank may sue you.

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Answered on 2/18/07, 2:53 pm


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