Legal Question in Credit and Debt Law in Texas

car repossession

car was repossessed thru GMAC.

After car sold, do you have to make the payment of the amount owed after sale. Total due about 6,500.


Asked on 2/27/07, 8:06 pm

3 Answers from Attorneys
TC Langford Langford Law Office

Re: car repossession

Generally you will owe the amount of the debt, less the price gotten for the car at auction (minimal), plus the cost of repossession and resale.

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Answered on 2/28/07, 6:50 am
Peter Bradie Bradie, Bradie & Bradie

Re: car repossession

Yes. That's called a deficiency.

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Answered on 2/28/07, 10:19 am
Sharon Campbell Sharon K. Campbell

Re: car repossession

Yes, you are responsible for the deficiency balance.

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Answered on 2/28/07, 1:16 pm


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