Legal Question in Credit and Debt Law in Texas

Re: Repo of Vehicle

I do not want to file bankruptcy. This is the only thing against my credit. I have kept other creditors current. Do I have to turn the vehicle in to the bank? Why can't I sell it and then pay off balance. They get the vehicle and I still have to pay balance?


Asked on 2/13/08, 8:39 pm

1 Answer from Attorneys
James Grissom Law Office of James P. Grissom

Re: Re: Repo of Vehicle

How are you going to sell it when you don't have the title? The bank is not going to let you sell it unless you pay off the loan. Yes, they get the vehicle and you pay off the balance, plus storage fees until sold, plus selling expenses, plus attorneys fees, plus, plus, plus. Usually winds up about 2x the actual balance. Good Luck.

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Answered on 2/13/08, 8:54 pm


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