Legal Question in Credit and Debt Law in Texas

Car loan question

I have 2 car loans. They are both financed through our credit union. We cannot afford both. I want to voluntarilly repo 1 of them and continue payments on the other. They said I cannot do that, they will hold/ keep the title on the car we want to keep and add on the remaining balance of the repo'd car. Is this true/ legal? Can they really do that if the cars are not connected in any way besides both financed through them?


Asked on 5/29/07, 9:28 am

1 Answer from Attorneys
James Grissom Law Office of James P. Grissom

Re: Car loan question

Depends on what your contract says. Voluntary surrender is an expensive alternative. You probably owe more on the car than the market value. But it's best to sell it your self and finance the deficiency. Sorry for the bad news.

Read more
Answered on 5/29/07, 12:31 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Texas