voluntary repossession of vehicle

[Susann]

What is the name of your state? Nevada
Does Nevada allow the lender to sue for a deficiency judgment on an auto loan?
We did a voluntary repossession on our vehicle as we had both lost our employment at the same time. We talked with the lender, Wells Fargo, and we were told that a voluntary repossession was better than a repossession. They picked up the vehicle and sold it for $6,000. The Blue Book on Used Vehicle sale is $11,300.

We now have a summons in Nevada court from an attorney saying we have to pay $11,551.12 plus interest.

Any suggestions on what to do? My husband has a job now paying him about 2/3's of what he was receiving and I have just returned to work and receiving about 1/3 of what I was making. From $70,000+ to $35,000.

We have been struggling with all of our bills and cannot seem to get ahead.

I would appreciate any suggestions.

 

[JETX]

"Does Nevada allow the lender to sue for a deficiency judgment on an auto loan?"
*** Yes. In fact, it is likely included in your loan agreement.

"Any suggestions on what to do?"
*** The only thing you can do is to get a FULL and detailed accounting of the amount being claimed from the creditor. Review it when received. If there are errors, get them fixed. If the claim is accurate, there isn't much that you can do to forestall them from trying to collect..... including filing a lawsuit against you. The only other alternative would be to consider bankruptcy... but that is a very serious action with its own negatives.