Voluntary Reposession

[Brutus]

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.

 

[Michael Wechsler]

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.