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If the lender says they will re-assign your account if you pay back payments and fees can they take your money and not return the truck in Texas?


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Wiki User
2015-07-15 19:33:47
2015-07-15 19:33:47

NOT if you dont give it to them. The usual procedure on the 1st repo is pay all the back notes,fees,ect. and get the car/truck back.


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If the lender designates the account as a charge off, the account is still valid and will be referred to inside collections department or an outside collector for further action. If the lender cancels the debt, the debt is no longer valid and the debtor will receive a 1099-C showing the amount that the borrower must claim on his or her tax return as taxable income.

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You need to contact your lender to see if they will work with you on getting caught up on your back payments. Some state laws allow the lender to require you to pay the vehicle off in full and some state laws require the lender to return the vehicle to you if you can catch up on the amount you are behind. You need to check your state law and contact your lender.

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Returning the car to the lender will not relieve the borrower of the legal responsibility to pay the debt. The balance of the loan and any additional fees is still owed on the vehicle and is valid and collectible.

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