Legal Question in Credit and Debt Law in Texas

Reposession

I have a vehicle that was not financed in my name. I fell behind in my payments because of several investor clients deciding not to purchase homes they had under cotract, which resulted in no pay for me for the past 4 1/2 months. I am currently trying to trade the car in or pay up the past due amount because the car is so upside down. However, after repeated phone calls to myself, my work, my family, the creditor refuses to deal with me. I asked for a pay off and they refused to give it unless I made a payment to avoid charge off. A repo guy knocked on my door asking for the car which isn't here. He then threatened me with som efelony to with secured collateral. I wanted to know what my rights are here, and am I committing a felony by attemtping to hide the car while I try to pay up? My mom won't talk to them and I am attempting to get a power of attorney from her so I can negotiate with them on th epay off if it has in fact been charged off as claimed. Any advise or direction would be greatly appreciated. I have had the car for nearly 3 years, financed 32,000, and they say I owe almost 25,000, paying 650/month.


Asked on 5/07/06, 10:07 pm

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

Re: Reposession

You are not committing a felony. You have an equity interest in that property. Not much, but some. But, if they won't negotiate, then you will have to surrender the vehicle.Try to surrender in lieu of repossession and agree to a balance owed.

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Answered on 5/12/06, 9:38 am


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