Question For All
Thanks for all of your earlier advice. I have accepted the fact I am most probably going to have to voluntarily return my vehicle, just too far upside down in value and behind on payments, (almost four). I am hoping to come up with enough cash to obtain another vehicle, before I have to return the old one. I am working with the lender to try and get more time to come up with the past due payments, but. The lender is telling me if they "charge off" my loan before I return it, they will obtain a judgment and I will owe them the entire amount, plus I will lose the vehicle, with no credit given from it's sale. But if I return the vehicle prior to them "charging off" my loan, I will only owe the deficiency balance, after auction, which the lender tells me they can "work with me" on. I live in Texas. Have you heard of anything like this before? I understand that a repo'ed vehicle must be sold at auction, period, with the deficiency balance being my responsibility, right? Won't they "charge off" the deficiency balance, before they try to collect it? Is the lender just trying to play word games or is there some substance to what they have told me, in your opinion?
Answer:
Sounds as they're lying to you.
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