AUTO LOAN JUDGMENTS

Many people are dealing with the problem of auto loan judgments. Their story goes something like this:

So you finally bought that car you have been drooling over for the past 6 months. A few days into the purchase your new hot rod begins shake, rattle, but not roll. It eventually dawns on you that there is something seriously wrong and you return the vehicle. The dealer apologizes for the bad experience, takes the keys and wishes you the best of luck. All done right? Wrong!

If you are like thousands of people in this country, you are sadly mistaken because you probably financed that new car. Once you drive the car off the lot, the value of the vehicle plunges below the balance of the loan you took to pay for the car. When you return the car, the finance company will sell the vehicle at an auction for far less than the balance of your car loan. When that happens guess who has to pay the difference? YOU!

The difference between the balance of your car loan and what the finance company eventually sells it for is called a deficiency. If you do not pay that amount, you will usually be sued and a judgment will be obtained against you, plus interest, fees and attorneys’ costs. This means that you can get stuck paying a lot of money for a car that you don’t even own anymore.

Once the judgment is entered by the court, your wages can be garnished, your bank account can be levied and a lien can be placed against your home. This causes embarrassment, surprise and financial hardship.

If you received legal papers stemming from an auto loan judgment, please call the Law Office of Abel Pierre today. We have 15 years of experience, creating affordable solutions to permanently resolve these problems. In many cases we can negotiate settlements that would enable to pay a fraction of the total amount owed!

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