i have an auto loan that i was given a year ago but i can not afford it they did not verified my income can i redo my loan

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

i have an auto loan that i was given a year ago but i can not afford it they did not verified my income can i redo my loan

Asked on June 10, 2009 under Bankruptcy Law, Florida

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 14 years ago | Contributor

You can speak to the holder of your loan and see if they can modify it somehow;  for example, possibly reducing the interest rate.  Absent that, you are subject to repossession for non-payment and any costs and expenses incurred for such repossession.  Additionally, you are responsible for any difference between what they re-sell your car for and any outstanding amount that you still you owe on the loan.

As to their not verifying your income - does that you mean that you lied on your application???  That's a criminal offense.


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