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TJ, Esq.
TJ, Esq., Attorney
Category: Legal
Satisfied Customers: 12357
Experience:  JD, MBA
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My daughter and husband just had there car repo ..she has

Customer Question

My daughter and husband just had there car repo ..she has been sick, just returned to work recently , is a part time student also and they have 3 small children...her husband's check pays to keep them in there home , pays utilities etc. They are very scared they have no money to pay what will be owed on car ( or they wouldn't have lost it in the first place) so what will happen now???
Submitted: 2 years ago.
Category: Legal
Expert:  TJ, Esq. replied 2 years ago.

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.