Legal Question in Credit and Debt Law in Texas

loan default

I co-signed for my daughter on a car loan. She defaulted on the loan and the dealer repossessed the car. Now, the dealer has sold the car, but is asking me to pay $12,000.00. What are my options?


Asked on 3/19/09, 4:34 pm

1 Answer from Attorneys
Donald McLeaish McLeaish&Associates;, P.C.

Re: loan default

negotiate...lender has right to payment..but this sounds like a "used" car...but normally repossession costs plus balance owed less amount car sold for is what you owe...

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Answered on 3/19/09, 8:18 pm


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