If I can’t pay a car loan back and the lender hasto repossess my truck, will the loan be taken care of or will I still owe them money?

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

If I can’t pay a car loan back and the lender hasto repossess my truck, will the loan be taken care of or will I still owe them money?

I thought that I could maybe sell the truck and use the money to pay off the loan but I gave them the title when I took out the loan. Would it be legal for me to file for a lost title so I could sell the truck?

Asked on February 9, 2012 under Bankruptcy Law, Texas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

If you have had your vehicle that you are paying on time repossessed by the lender, the vehicle will be auctioned off and the net amount received at the auction less auction costs, storage fees and repossession fees will be applied as a credit as to the amount of the loan you still owe.

It would be improper for you to file for lost title for you to sell the vehicle you are writing about since you know that the lender is holding the registration to it.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption