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If I requested a voluntary repossession in Feb. can the

If I requested a...

If I requested a voluntary repossession in Feb. can the lender wait until Jun to pick the car up and then sale the car in Oct. and charge me interest between time?

Lawyer's Assistant: What state are you in? And is a local attorney or other consumer protection advocate helping with this?

Indiana

Lawyer's Assistant: What steps have you taken so far?

Nothing...I am receiving brochures from bankruptcy lawyers indicating I have a judgment out against me

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Answered in 6 minutes by:
4/29/2018
Law Educator, Esq.
Category: Consumer Protection Law
Satisfied Customers: 126,804
Experience: Attorney experienced in commercial litigation.
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Unfortunately, a voluntary repossession is entirely up to the lender. If you requested a repossession, it is up to the lender to accept it and to decide when to do so. Unfortunately, you are liable for interest and also any difference in what they sold the car for and what you owed on the loan, this is called a deficiency judgment.

So, you need to consider you may want to file bankruptcy if they have a deficiency against you for the voluntary repossession.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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Customer reply replied 3 months ago
I can't file for bankruptcy again. I was in active bankruptcy when they gave me the loan. I filed in Sept. 2017. I got the car loan in Oct. 2017. The bankruptcy was discharged Feb. 2017 and I requested a surrender in Feb. 2017. Are there any other options for me?

Thank you for your reply and for the additional information.

Unfortunately, if you cannot file bankruptcy again, you have no choice but to pay. You can challenge the amount of the deficiency, claiming they sold the car too much under book value and the court will make them reduce the deficiency, but other than that I am sorry to say absent bankruptcy you have to arrange a payment plan with them.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

Law Educator, Esq.
Category: Consumer Protection Law
Satisfied Customers: 126,804
Experience: Attorney experienced in commercial litigation.
Verified
Law Educator, Esq. and 87 other Consumer Protection Law Specialists are ready to help you
Ask your own question now
Customer reply replied 3 months ago
can I argue the interest rate and price of the car was overpriced to begin with?

Thank you for your reply.

You could not argue the interest and price because you agreed to those in your contract.

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Customer reply replied 3 months ago
thanks

Thank you.

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