If I’m being sued for the remaining balance on a repossessed car, what are my options?

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If I’m being sued for the remaining balance on a repossessed car, what are my options?

Asked on June 27, 2011 under Bankruptcy Law, Oklahoma

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

The first question is, do you owe the money? That is, did you sign the financing agreement; is the amount they are seeking to collect correct; etc.

If you owe the money, while you can try to defend yourself, you probably don't have any effective defenses--if it truly owe, say, a remaining balance of $3,000, you have to pay it. The creditor will probably win if they sue you, which means your options are basically: 1) pay; 2) try to negotiate a settlement; or 3) after they get a judgment, file bankrupcy.

If you think the amount is wrong and can document or prove that, you can contest the amount and try to get it knocked down; then after that, your options are pretty much as above.

If you don't think you owe any money (e.g. you can show you paid it off), you can defend yourself, with your evidence, against the liability entirely; if your evidence is correct and good enough, you may well win.

Good luck.


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