Tuesday 13 May 2014

I live in Iowa and my husband got fired from his job, we just purchased a new car which we can not make the payments on now. If it is reposs...

Question

I live in Iowa and my husband got fired from his job, we just purchased a new car which we can not make the payments on now. If it is repossessed are we still financially liable for the payments? Please let me know what happens next.



Answer

If the care is repoed and then auctioned as usually happens you are responsible for the deficiency, if any.



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