What Are The Repossession Laws In WV? What Are The Legal Repercussions? Can You Be Taken To Court?

Question

What Are The Repossession Laws In WV? What Are The Legal Repercussions? Can You Be Taken To Court?

2 Answers

Answer Question

Answer 1

They will ask you to return it yourself first . This will save you some $ . Then they will sell it at auction and take the money they get to put toward what you owe on the loan or they even may give some money back to you if they get more than you owe.

Answer 2

Better to return it before it is repossed. Depending on the state law in WV, you may still owe money after it is repoed. They will sell the car at auction and then deduct that amount from what you owe. Plus if they have to reposses it, they will add those fees onto the amount owed. But some states do not require you to pay the difference between what is owed and what they sell it for. But it will stay on your credit for years.
Call your lender and explain to them your situation. They may be able to refinance your loan so the payments are lower. Or you may be able to go back to the dealer and trade it in on something with lower payments. But try not to just let it be repossessed. Try and work out something if you can.