Am I still liable to pay the balance of a loan if I hadmy commercial trailer repossessed over 2 years ago?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Am I still liable to pay the balance of a loan if I hadmy commercial trailer repossessed over 2 years ago?
I have had no contract with the lender during this time. Now they want me to start repaying them. I don’t even know what the balance is. I did not sign a voluntary repossession form.
Asked on December 29, 2011 under Bankruptcy Law, Ohio
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you had your commercial trailer repossessed several years ago, most likely it was sold at auction for less than what was owed on the loan. If that happened, you owe the difference plus accrued interest, towing fees, storage fees and auction fees most likely under the loan agreement that you have for it.
I would contact the lender to see what the total amount owed is so that you can make an assessment as to what you can afford to pay or not. In the interim, I recommend that you consult with an attorney experienced in lender and automotive law about your situation.
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.