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Voluntary Reposession

Discussion in 'Other Debt, Collection, Garnishment' started by Brutus, Nov 9, 2001.

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  1. Nov 9, 2001 #1
    Brutus

    Brutus Law Topic Starter New Member

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    I had a vehicle financed with GMAC, becoming ill I had no choice but to give it back. It was sold at auction aand I received notice that I owe the difference from what was owned when I turned it in and what it sold for a auction. Do I have to pay this, can they attack my home? What does Ohio law say about this.
     
    Brutus, Nov 9, 2001
    Brutus, Nov 9, 2001
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  2. Nov 11, 2001 #2
    Michael Wechsler

    Michael Wechsler Administrator Staff Member

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    Of course you'd have to pay the difference! If you bought a car for $1000, put down $100 leaving a balance of $900, which was later sold for non-payment for $800 leaving a balance of $100... then you owe $100!

    To begin, if you force the creditor to enforce this debt, you may well be subject to costs and reasonable attorneys fees. You'll probably see this clause in your contract. If there is a lien filed then you will not have an easy time getting another loan. I'm not sure why you would want this to happen.
     
    Michael Wechsler, Nov 11, 2001
    Michael Wechsler, Nov 11, 2001
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