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.
Voluntary Reposession
- Thread Starter Brutus
- Start date
- Status
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.
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.
- Status
