Legal Question in Credit and Debt Law in Wisconsin
Car repossession
I was in a car accident and lost my job and therefore can't make my car payments. I want to give the car to the lien holder. The car is damaged, what will the consequences be?
Asked on 5/18/05, 8:45 am
1 Answer from Attorneys
Maury Beaulier612.240.8005
Minnesota Lawyers
Re: Car repossession
That may be a bad idea.
The lien holder will sell the car and apply the sale proceeds against the amount that you owe. Usually, they sale price will be low. If it does not cover the amount that you owe, they will seek payment in the amount of that deficiency. If you do not pay, they will seek a Judgement.
You are better off in most cases to try to sell the car for the amount of the loan on your own.
Answered on 5/18/05, 9:08 am
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