What options to I have if auto loan holder doesn’t not want to make a settlement after 2 years, if I still have ownership of car but told them to recover the vehicle?

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What options to I have if auto loan holder doesn’t not want to make a settlement after 2 years, if I still have ownership of car but told them to recover the vehicle?

Asked on August 28, 2013 under Bankruptcy Law, New York

Answers:

Terence Fenelon / Law Offices of Terence Fenelon

Answered 8 years ago | Contributor

They can bring a collection action (lawsuit) seeking payment of the balance owed on the note which was secured by the lien on the vehicle.  They don't have to take the vehicle back.  You didn;'t mention whether you had filed bankruptcy.  If so, the filing would wipe out a deficiency.  They would be entitled to the vehicle.


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