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LawTalk, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 34884
Experience:  I have more than 25 years experience in the legal profession.
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I voluntarily surrendered my vehicle approximately 3 mos ago

Customer Question

I voluntarily surrendered my vehicle for repossession approximately 3 mos ago and itwas just sold at auction by TD Auto Finance Company. I have now received a "generic" (no VIN # ***** anywhere, only an account # ***** had assigned) notice claiming I still owe a balance of $10,436.00. I believe I am no longer responsible for further payment as I voluntarily surrendered it to the finance company and I understand that since it was repossessed and then sold at auction, that rendered the contract void by virtue of the repossession. I believe there are laws that protect me from paying this amount.
Submitted: 3 months ago.
Category: Consumer Protection Law
Expert:  LawTalk replied 3 months ago.

Good afternoon,

I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today.

You are, unfortunately, entirely wrong about how the law deals with repossessions. A repossession, voluntary or not, never renders the underlying contract void. You are responsible for the loss that the lender suffers when they sell the repossessed vehicle at auction.

There is not now, and there never has been, any law to protect you from the debt you are facing based on the repossession of your vehicle. They can sue you and if they do they will absolutely win. You have no legal defense.

I understand that you may be disappointed by the Answer you received, as it was not particularly favorable to your situation. Had I been able to provide an Answer which might have given you a successful legal outcome, it would have been my pleasure to do so.

If you have additional questions, you may of course reply back to me and I will be happy to continue to assist you further until your questions have been answered to your satisfaction.

Would you please take a moment to positively rate my service to you based on the understanding of the law I provided by clicking on the rating stars---three stars or more. It is that easy. That is the way I am compensated for having helped you.

Thank you in advance. I wish you the best in your future,