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On a voluntary repo I know the car will sell for less than I…

Customer Question
On a voluntary...

On a voluntary repo I know the car will sell for less than I owe, and will hurt my credit. What is the worst that can happen if I don't pay the difference?

Lawyer's Assistant: What state is this in? And when did the issue begin?

New Mexico. Iam just thinking about giving it back, not late ,or anything

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

None

Submitted: 10 days ago.Category: Real Estate Law
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Answered in 29 minutes by:
7/11/2018
Real Estate Lawyer: Jessica B,
 replied 10 days ago
Jessica B
Category: Real Estate Law
Satisfied Customers: 1,680
Experience: Attorney at Donald B. Linsky & Associates, PA
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Hello. My name is ***** ***** I am a licensed attorney. I hope I may be of assistance with your question. Please remember to rate my service at the end of this session. Thank you!
If the car sells for less than what is owed, then the lender will receive a deficient judgment against you for the balance. If you refuse to pay the judgment then the lender may attempt to collect the money by garnishing your wages, claiming your IRS refund, or garnishing your bank account.
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Real Estate Lawyer: Jessica B,
 replied 10 days ago

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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