Can A Car Loan Deficiency Be Put In A Debt Relief Program?

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.

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I initially contacted Brad at Accredited Debt Relief in regard to a financial hardship I sustained as a result of losing my home in the 2007 CA. Wildfires. I found Brad to be a knowledgeable and experienced credit consular that was able to assist me with my financial problems. He was able to adapt his schedule to my needs and gave me the feeling that he cared about my situation and would do anything in his power to help.
Barry S.
Hey Andrew! Thanks again for all of your help! All of you have been very helpful & professional. I can’t say enough about how pleased I have been with your services. Thanks again!! Israel
I am really glad that I did make that call because if I hadn’t I would be worried so much about the bills and not being able to pay them, along with my health. You explained everything to me and after I talked things over with my husband I realized that this was my best option. I do appreciate your kindness and professionalism. You didn’t make me feel ashamed of needing help, you talked and listened and that made quite an impression!
I wanted to take a moment to thank you for everything you have done for me. Over the past week I have had several opportunities to interact with you as we worked through what was for me a very difficult and stressful decision. It might sound simple, but in my experience it is exceptional: You, Andrew, focus on solving problems. You were able to quickly grasp the issue and proceeded to reach a resolution efficiently, while allowing me to maintain my dignity. I have found you to be professional, knowledgeable, upbeat, gracious, patient, and absolutely committed to achieving the desired result and satisfying me, the customer.
Elizabeth C.
Ted has been very helpful and understanding whenever I call him. When I’m in a panic over something he always calms me down and reassures me. He did not make me feel embarrassed or shameful over my debt situation. He is truly a great person!
Every time I have called Tony if he didn’t pick up the phone immediately, he without fail returned all my calls promptly. I feel as if Tony and I have become friends and I couldn’t be any more pleased with the service he has provided me. If the rest of the service I receive from ADR is as helpful and professional as that provided by Tony then I am going to be one grateful and happy camper. I would like to thank everyone involved to this point with helping me through a tuff situation, especially Tony.