Voluntary repossession. Am I still liable for the balance due?
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Voluntary repossession. Am I still liable for the balance due?
I recently had a voluntary repossession on my RV. The bank reported it to the credit bureaus as an involuntary repossession. I talked to an associate at the bank and he sent a letter to the credit bureaus to “… update the above listed account to reflect charge off owing.” What does this mean? Am I still liable for the balance due?
Asked on May 29, 2009 under Bankruptcy Law, Delaware
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Oh most likely yes. Do you have the contract? This would be your loan agreement. Also, do you have the voluntary repossession paperwork? Guaranteed, in at least one of these documents there is a provision that they can come after you for the deciency or balance.
That being said, get a full accounting of amount owed. If you have any issues, and your lender is regulated by your state's Dept of Banking (also called financial institutions in many states), try the agency and file a complaint through it.
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