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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 111469
Experience:  Attorney experienced in commercial litigation.
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I HAVE LOANS ON 2 CARS, 1 I OWE MORE THAN ITS WORTH AND I

Customer Question

I HAVE LOANS ON 2 CARS, 1 I OWE MORE THAN ITS WORTH AND I JUST BOUGHT (1 MONTH AGO) USED 2016 GMC. I JUST FOUND OUT THAT FEDERAL CHARGES BROUGHT AGAINST ME WILL RESULT IN ME BEING INCARCERATED FROM NOV. OF THIS YEAR TO AT LEAST 1 YEAR. I HAVE TRIED TO RETURN THE 2016 TO THE DEALER, HE WILL NOT TAKE IT BACK. WHAT ARE MY OPTIONS?
Submitted: 1 month ago.
Category: Consumer Protection Law
Expert:  Law Educator, Esq. replied 1 month ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
You can contact the finance companies and you can negotiate with them to do a voluntary repossession of the vehicles, where they will take the vehicles and auction them off, but you could remain liable for any difference between what they auction them for and the loan balance. You can also try to sell them yourself in a private sale.
If you do the voluntary repossession and they try to come after you for the balance and you cannot pay, you can file bankruptcy to extinguish those debts along with your other debts (other than any restitution from your criminal cases).
If you sell the vehicles, you would have to pay the loans off.
Your other option is to simply file bankruptcy now and the loan companies would simply take the cars back and you would owe nothing.
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