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Texas Truck Repossession

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Mark Cappel
UpdatedDec 5, 2022
A debt collector is threatening to sue me for a truck I returned to a trucking company four years ago. What are my rights?

In 2006 I bite into a lease to own truck (18-wheeler) with the "verbal" offer that we (have witness) could turn the truck back to the trucking co. if it didn't work out. Well didn't read the "fine print" and comes out I was responsible for the loan and not the truck co. but when I quit the truck co. I was asked to take the truck back to the trucking co yard. fast forward to 2010. and I start getting phone call here and there, stating that I have a 29k balance and threading to sue me. when they took the truck back I was up-to-date on the payments, but told me the trucking co. was backing the loan and if I quit they needed the truck. I have a good credit score(800+) I am scared that I never heard anything since then, not even on my credit, other then the witness I have about the verbal offer, and that himself got given the option to:stay with the trucking co. because the co. backed loan or pay for the truck. I wasn't given that option, and are now saying that I "voluntary repo" the truck? what do you recommend? Could they had legally ask for the truck back when I was up-to-date? can they sue now without any letter or notification? I live in TX and the finance co. is from OH, and the trucking co is from IN.

For a general overview of your rights in a collection situation, please see the Bills.com resource Texas Collection Laws.

Your case involved a lease contract I have not read. You have the added complication of a spoken contract that apparently modifies the terms of the written contract. It would be folly for me to offer an observation on your situation without a) reading the contract, and b) interviewing you to understand the content of the spoken contract.

Consult with a Texas attorney who has experience in contracts litigation. I realize an attorney's time is costly, but your alternative is very, very expensive if the creditor wants to extract $29,000 from you and has no legal basis for doing so.

I hope this information helps you Find. Learn & Save.

Best,

Bill

Bills.com

Did you know?

Debt is used to buy a home, pay for bills, buy a car, or pay for a college education. According to the NY Federal Reserve total household debt as of Q2 2022 was $16.15 trillion. Auto loan debt was $1.50 trillion and credit card was $0.89 trillion.

A significant percentage of people in the US are struggling with monthly payments and about 26% of households in the United States have debt in collections. According to data gathered by Urban.org from a sample of credit reports, the median debt in collections is $1,739. Credit card debt is prevalent and 3% have delinquent or derogatory card debt. The median debt in collections is $422.

Collection and delinquency rates vary by state. For example, in Georgia, 18% have student loan debt. Of those holding student loan debt, 9% are in default. Auto/retail loan delinquency rate is 6%.

While many households can comfortably pay off their debt, it is clear that many people are struggling with debt. Make sure that you analyze your situation and find the best debt payoff solutions to match your situation.

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1 Comments

RRv trader, Oct, 2010
Thanks for sharing this perfect solution.