Legal Question in Credit and Debt Law in Texas
car reposession question
My boyfriend purchased a car 3 years ago and still owes 8,000 on it. The engine just went out and it will take about 3,000 to replace or fix. My question is should we consider letting it get repoed or will there be a problem since the engine is no good and the car does not run? Also, the broken engine was purchased on the internet a year ago and has no VIN numbers. Will they think it was stolen? Will this be a problem?
1 Answer from Attorneys
Re: car reposession question
If your boyfriend lets the car get repo'd, he'll immediately be on the hook for $8,000 plus repo costs plus auction fees, less what a car that won't run would get at auction. If they sue him for the money, add court costs and attorney fees. And he won't have a car.
If he spends the $3,000 for a rebuilt engine, he'll have the debt of $8,000 which he can pay off over time, no bad mark on his credit, and a car that runs.
Let him figure out which is the better deal for him.
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