Ask a Lawyer and Get Answers to Your Legal Questions
Hello and thank you for the opportunity to assist you. My name is ***** ***** I will do my very best to answer your legal questions.
Q: My daughter and husband just had there car repo ... so what will happen now???
A: The lender will sell the car at a public auction, and apply the proceeds to the outstanding balance on the loan. If the proceeds pay off the loan, then your daughter will owe nothing more. However, if the loan is not paid in full from the proceeds, then your daughter will owe the remaining unpaid balance. The lender may or may not go after her for that amount. Some lenders do and some don't. In a worst case scenario, they will go after her for the remaining amount, and that could ultimately mean garnished bank accounts. Accordingly, if I were your daughter, I would wait to see what the creditor does. If she gets collection notices for the unpaid balance, then I would likely try to work out a repayment deal with them. In most cases, she will be able to negotiate a repayment amount that is less than what is actually owed.
Does that answer your question? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied.