gmac voluntary repo?

Question

I rec'd papers from the courts ,I'm being sue by gmac for the deficiency balance on my return 2005 truck balance $20,994.00 what should i do now , do you know any cases in New jersey that anyone was sue by Gmac need help I have 35 days to answer this summons .Thanks

Answer 1

You really do not have any options.

They will win a judgment from the court and at that point they can attach your bank accounts, garnish your wages (if your State allows it and they do up to 10% of your gross wage every month) and file liens on any property you may own like other cars, boats, land and homes.

All of this will show on your credit report for the next 7-years making it very hard to get any other types of loans without making massive down payments, paying huge fees and State maximum interest rates.

Answer 2

You voluntarily gave them the truck back? If so they can sue you for the balance and depreciation of what they sold the truck for.Typically they take this vehicle to the nearest auction house and accept whatever bid they receive for the vehicle.They deduct that and then combine the balance of your loan .A voluntary repo is just as bad as if they came to get it.They will put this on your credit report but you can respond to why you gave the vehicle back although it usually doesn't make a difference with other lenders b/c they won't let you borrow money for a car / truck within the next year.Hope this helps

Answer 3

Yah you really don't have many options here. If the bank is taking you to court, they will win a judgement against you. You are going to have to work out a payment plan with the bank for the settlement amount.