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What happens when you part out your car before it is repossessed in the state of Texas?

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βˆ™ 2008-09-16 03:14:35

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Your intentional destruction of the secured property would not only be another direct breach of the loan agreement and likely subject to additional financial penalties, it is almost certainly a crime and able to get you in legal trouble as well. Especially if the title isn't entirely in your name (as is done when the place you got it from "totes the note" and still has title), it would be auto theft. Now, if you parted it out and paid off the loan causing the lein, that may be a different story in the end, but only because no harm no foul. What's left of the vehicle would be of far less value and therefore would bring far less when sold, thus increasing the deficiency (the difference between what you owe and what they sell it for, plus attorney fees, etc.). There will likely be a lawsuit to collect the deficiency, thus you will owe far more than you would have and likely far more than you could sell the parts for.

2008-09-16 03:14:35
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Q: What happens when you part out your car before it is repossessed in the state of Texas?
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