Legal Question in Banking Law in Vermont

Repossesions

I am falling behind on my car payment and my vehicle may be repossesed. If it is i owe more money than the car is worth. What am i obligated to pay to the bank after the repossesion?


Asked on 4/21/04, 1:33 am

1 Answer from Attorneys
Gerald Hershenson Law Office of Gerald M. Hershenson

Re: Repossesions

If your vehicle is repossessed, you will have to pay any deficiency plus repossession costs. I suggest you seek legal counsel. Your only out is bankruptcy, but that will ruin your credit. Your credit has already become effected negatively by your default. If you own real estate with equity, you may consider getting a line of credit to pay off your obligation to the automobile lender. The payments to your bank on the equity line of credit probably would be tax deductible. Try to borrow the funds from family as a last resort. Good luck. Gerald Hershenson 215-579-9390

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Answered on 4/21/04, 9:05 am


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