Legal Question in Credit and Debt Law in Virginia

voluntary repo

I purchased a car which I can't afford any longer. Called Household Automotive Finance, the only option they offered is for me to sell car for 15K, I owe 30K, they issue a 1099 for difference. Its been 90 days and I haven't been able to sell car. Now the collection calls have started again. If I do voluntary repo, what will happen?


Asked on 3/23/09, 10:08 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: voluntary repo

You will likely owe 30K minus whatever the car can be auctioned for plus costs associated with the auction.

And, if fail to pay this amount, whoever holds the note will most likely pursue you for a judgment which may be enforced through a garnishment of your wages, seizure of your bank account, or lien on your home, are some possibilities.

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Answered on 3/23/09, 3:47 pm


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