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Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Legal
Satisfied Customers: 16710
Experience:  Experienced Licensed Attorney
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I bought a truck 2013 from Arrow Truck Sales I dropped the

Customer Question

Hello I bought a truck 2013 from Arrow Truck Sales I dropped the truck almost a year I had too many engine issues I returned the truck and December April they send me a letter that they sold it for $25,000 my balance was 40 to 5 45500 was my balance the thing is Arrow Truck Sales they have an in-house financing which is transport faundig now they suing me or $17,000 plus plus interest my question is if I'm liable for the $17,000
Submitted: 1 year ago.
Category: Legal
Expert:  Alex J. Esq. replied 1 year ago.

Hello. My name is Alex.
Thank you for your question.
I will be happy to provide you with information you are seeking for educational purposes only.

Unfortunately, generally, the former truck owner / borrower would be liable for any balance between proceeds of the auction and any loan amount (plus fees, interest, costs) that is left after the truck had been surrendered and sold at an auction.

In many cases it might be possible to settle the debt for less than full amount or to negotiate a monthly payment plan.

I am very sorry to provide you with this bad news, but please understand that I do have professional obligation to provide customers with correct answers, even when answer is not favorable to the customer.

I wish you the best of luck and God bless you!

Expert:  Alex J. Esq. replied 1 year ago.
Expert:  Alex J. Esq. replied 1 year ago.