Legal Question in Credit and Debt Law in Texas

Hello,

Recently I have lost a means of income into my household. This loss of income was of course unexpected. As my luck is, I just bought a motorcycle 32 days ago. I do not mind loosing the bike but do not want to have it repossessed. Is there a law that can help me out since the loan is so fresh. I havnt even made my first payment yet. If I try and sell it I won't make enough money to pay off the loan because of the depreciation that's already on it. Any suggestions?


Asked on 5/26/10, 11:52 am

1 Answer from Attorneys
Mark Dunn Mark D. Dunn

You can have a serious talk with the lender (the folks who financed the purchase) but they probably won't work with you. They may have already sold the loan.

Your best bet: Find a buyer for the motorcycle, even if it's somebody who can't pay full price. Or find somebody who trusts you enough to take up the payments for you.

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Answered on 5/27/10, 10:59 am


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