Legal Question in Credit and Debt Law in Texas

Voluntary Repo (Auto)

After losing my job and having a 2nd child we had to voluntary have our 06' Toyota tocoma truck repossessed. In doing so, we apparently are being called and sent bills for over $5,000.00 as that's what they made less on after auctioning it off. We do not have this money as I'm not working what are our options? Hence why we gave it back.


Asked on 4/18/08, 4:47 pm

2 Answers from Attorneys
Donald McLeaish McLeaish&Associates;, P.C.

Re: Voluntary Repo (Auto)

You will have adverse credit and they can get a judgment..In the future..and tell your friends..do not think "voluntary" repossession helps..no it hurts...that may have been worked out..but..nothing you can do now..except negotiate the balance

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Answered on 4/18/08, 5:13 pm
James Grissom Law Office of James P. Grissom

Re: Voluntary Repo (Auto)

I offer an alternative to the other response. Don't worry about it. If you have no money and no job, they can't shoot you or put you in jail. So they can get a judgment. Unless you happen to come into some money or some property, they can't get anything. Let 'em hire their lawyers and spend their money. Your credit can recover in a few years. Find cash alternatives. Tell 'em to go to h*ll. Good Luck.

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Answered on 4/18/08, 5:21 pm


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