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socrateaser
socrateaser, Attorney
Category: Business Law
Satisfied Customers: 38502
Experience:  Retired (mostly)
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I purchased a auto in 2006 while undergoing chemo treatment.

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I purchased a auto in 2006 while undergoing chemo treatment. I wanted to buy an auto that my wife would have if something happend to me. I was sick when I went in and wasn't paying attention to the details of the loan and I now have a auto that I owe 21,000 dollars on with a monthly payment of $670.42, and a vehicle worth about 9,000 dollars. I am considering letting the vehicle go back. What reprocussions do I face if I let this vehicle go back. It is financed through citi-financial. I have never missed a payment or been late on a payment. Thank you!

The lender will get a deficiency judgment against you and the try to collect the balance. You may want to consider bankruptcy, depending upon your other financial circumstances.

 

 

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