Here at Accredited Debt Relief we are often asked if a car loan deficiency can be put in a debt relief program, and the answer is: yes!
First things first, though; what is a car loan deficiency? When a car is repossessed or voluntarily surrendered, the creditor will generally auction the vehicle and apply the amount they receive at auction to the balance of the car loan. If your car is repossessed by the creditor and then they sell the car for less than the balance of your loan, they may ask you to pay the difference between what you owe and what it was sold for. For example, if you owe $10,000 on your car and it is repossessed and sold for $5,000, the creditor may ask you to pay the deficiency balance of $5,000.
Now that we got that settled, let’s move on to the question at hand. Can a car loan deficiency be put in a debt relief program? Yes, just like with a mortgage deficiency, if you have a car that has been repossessed and sold by the lender, you can put that in your debt relief program.
To learn more about the debt relief options available to you including California debt relief, Florida debt relief, New York debt relief, and Texas debt relief options visit http://www.accrediteddebtrelief.com/.