Legal Question in Credit and Debt Law in Texas

What happens after repo?

I financed a Jeep about three years ago. It has been almost two since the repo and now I have a creditor calling and threatening me. I tried in the past to make arrangements with the original finance company but they refused what I could give them. Now for two years I have had a repo on my credit report and they want me to pay for the car too?? What can I do? Should I be worried?


Asked on 9/03/02, 1:51 pm

1 Answer from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: What happens after repo?

When a vehicle is repo'd it then gets sold at auction. The auction fees, repo fees, and miscellanous charges are first paid. Then the balance of the money received is applied against your note. It never covers the note, so the lender can go after you for the deficiency.

You will probably be sued for the deficiency. Does a lawsuit worry you? If so, when you are contacted by a lawyer, you should engage the services of your own lawyer to defend you.

Read more
Answered on 9/03/02, 2:47 pm


Related Questions & Answers

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