Legal Question in Credit and Debt Law in Texas

vehicle repo

voluntary auto repo 2 1/2 yrs ago-after car was sold at auction, got letter that I was responsible for remaining balance, which was about $9,000.00. Have been making 200.00 month payments since and have payed about half of balance. If I stop payments, can I be sued for remainder?It is on my credit as a repo.Thanks, Rhona


Asked on 10/22/07, 11:55 am

1 Answer from Attorneys
Sharon Campbell Sharon K. Campbell

Re: vehicle repo

Yes. You might consider trying to do a lump sum settlement with them, if you are in the position to do so - they might take less than the whole amount. You should negotiate how it is reported on your credit report. Try to get the trade line deleted or at least reported as paid as settled. Get any agreement in writing before you pay.

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Answered on 10/22/07, 6:12 pm


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