Legal Question in Credit and Debt Law in Texas

vehicle repossession

when a vehicle is repossessed in texas and the creditor sells the vehicle to pay against the loan would I be responsible for any outstanding balance owed


Asked on 12/29/03, 10:03 am

2 Answers from Attorneys
Peter Bradie Bradie, Bradie & Bradie

Re: vehicle repossession

Probably yes, if the loan is in your name.

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Answered on 12/29/03, 10:22 am
Elizabeth Schaefer SCHAEFER LAW FIRM

Re: vehicle repossession

If you are the debtor on the loan, you are likely still liable for the amount of the debt plus collection, interest, late fees and administrative expenses, less what was earned in the sale of the repossessed vehicle.

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Answered on 12/29/03, 10:41 am


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