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Income Garnishment

Can the finance company or bank take you to court in Texas for a balance remaining on a voluntary repo that has already been resold?


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2015-07-15 18:46:23
2015-07-15 18:46:23

YES, read your contract again to see what you agreed to. Tx is still part of the United States so the laws are still (mostly)uniform across the land.


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Yes, a voluntary repossession does not mean the buyer is not responsible for any of the remaining loan debt according to the original contract terms or for any additional fees.

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The car will be sold at auction. Whatever it sells for at auction will be deducted from the balance remaining. The credit company may initially offer to accept a reduced amount on the balance, but, if you're unable to pay that, they will turn it over to collections for the full amount of the balance remaining.

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If commission is received or paid and benefit of which has already taken by company then it is an expense or income of company and will come in income statement but if the benefits are already not taken then it will be asset or liability and will be shown in balance sheet.

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