what will happen after I surrendering my vehicle? Could there be a deficiency?
I have a 2007 e550 mercedes benz and can no longer afford my vehicle and has decided to give up this month payment and just surrender to Chase Auto. I've been trying to sell in the market for 3 month now and still no one is interested. What will happen next? I know that they would auction off the car but am I responsible for the deficiency? if they do come after me, should I file for bankruptcy? thank you.
Asked By: M.g - 2/6/2009
Best Answer - Chosen by Asker
You will be responsible for any deficiency between what the car was sold for at auction and what you owe. If there is any possible way whatsoever, sell the car yourself and pay off the balance. If you haven't been able to sell it you're probably asking for too much. You should have no problem whatsoever selling it... More
Answered By: Howard L - 2/6/2009
Additional Answers (2)
what does your loan or lease say? you did READ and keep the papers, didn't you? *** yes -- you're responsible for the deficiency.
Answered By: Spock (rhp) - 2/6/2009
im not sure about that
Answered By: lakita h - 2/6/2009
Over 483 Local Jobs Now Hiring In Your Area. $18-$87/Hr - Apply Today!
Part Time Positions Open. Hiring Now - Apply Today!
$21/hr Start, Avg Pay $72K/yr No Experience Needed! Get Started.
Click. Search. Apply. Free!
Other Career Questions
Do most mechanical engineering jobs offer job security?
What is your current job? Why did you choose this job? What do you enjoy about your job? What do you dislike about your job? What would be your perfect job? Would you rather have this j...
Where are the jobs? Is productivity and globalization creating a permanent “recession” of jobs? My main issue is I am doing a paper for school and have no idea where to begin. I was hoping suggestions...
Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.
Best-Paying Work-from-Home Jobs
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
2013 Engineering Jobs Outlook
Engineers will find job opportunities in select disciplines in 2013, with candidates who are all-around, client-oriented businesspeople in demand.
Best-Paying Jobs by Major
What could you earn with a particular four-year degree? Find out by checking out this list of the top-paying jobs for 20 of the most common majors.
Eight High-Paying, Secure Jobs
Want to earn a good salary and enjoy a measure of job security as well? Check out these well-paying jobs on tap for fast growth in the coming years.