What is the name of your state? Texas
I plan to either do a voluntary repo or a forced repo on a 2006 vehicle that has had numerous mechanical problems. I've spoke to an attorney and due to TX laws and how the lemon law process is structured it will cost me about $7K out of pocket to have GM buy my vehicle back from me. As such, I was advised it may be in my best interests to just let them take it back as a repo and take the mark on my credit. I have followed this advice and have purchased a more reliable car and am waiting for GM to pick up my lemon (which I am now a payment behind on).
I no longer have legal counsel so I want to ask a question here. In TX can a deficiency judgment (which will more than likely occur since I owe more on that car than what it's worth) be awarded against me? If so, what will this impact other than my credit? Can I lose my house, or have a lien placed against it, etc?
Thanks!
I plan to either do a voluntary repo or a forced repo on a 2006 vehicle that has had numerous mechanical problems. I've spoke to an attorney and due to TX laws and how the lemon law process is structured it will cost me about $7K out of pocket to have GM buy my vehicle back from me. As such, I was advised it may be in my best interests to just let them take it back as a repo and take the mark on my credit. I have followed this advice and have purchased a more reliable car and am waiting for GM to pick up my lemon (which I am now a payment behind on).
I no longer have legal counsel so I want to ask a question here. In TX can a deficiency judgment (which will more than likely occur since I owe more on that car than what it's worth) be awarded against me? If so, what will this impact other than my credit? Can I lose my house, or have a lien placed against it, etc?
Thanks!
Last edited: