Need Advice on car dealer issue

[bapol1967]

I bought A truck in Texas made one payment. We later found out that I will be without work soon. I have a car already the truck was the second. I gave the car back they say they will auction it and have to pay the difference. Its been three months they say no one wants to buy it but they kept on billing me the monthly payments they say the will continue untill the truck is sold can they do this to me. What if the never sell it for a whole year are they able to kept billing me for the truck. Please help need advice.

 

[racer72]

You are responsible for the difference of the outstanding debt and what the truck sells for. You have the right to ensure that the vehicle sells for a fair market price though. And you are also responsible for the payments till the truck sells. Ask the lending institution about defaulting on the loan. This can get you out from under the payments but has its drawbacks. Most lenders sell repossessed vehicles at auction where the sale price can be much lower than the outstanding balance and you would be responsible for the difference. Who is the party saying that the truck will go to auction? Most auctions are held monthly. You might consider buying a half hour of an attorneys time just to clarify your rights in this matter.