Legal Question in Credit and Debt Law in Virginia
what are the laws for voluntarily surrending a vehicle in virginia and the options available if you have a deficiency balance after the lien holder auctions off the vehicle?
thank you for your swift reply.
Asked on 10/10/09, 12:56 am
1 Answer from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
If you're the owner of the vehicle (with only your name on the title) you can sign it over to whomever you choose by signing on the back of the vehicle title.
However, in the event that the vehicle has already been reposessed and auctioned off, then you would no longer be the owner and could not sell or assign it to someone else.and would likely be stuck with paying the deficiency judgment.
Answered on 10/15/09, 2:45 pm
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