My car title loan is currently in default and I was wondering if I turn my car in and it sells for less than I owe - will I have to pay deficiency? Logically thinking - yes, but this point in my contract makes me think that would NOT be obligated to do so:
"Notwithstanding anything to the contrary, you may at any time surrender possession and title to the collateral in favor of "Car title Loan Place" in exchange for a cancellation of all amounts owed by you to "Car Title Loan Place". Upon such surrender it will be sold within 60 days. The proceeds of the sale will be applied to the principal, interest, fees, and costs owed by you to "Car Title Loan Place". "Car Title Loan Place" will then return any surplus from the sale to you. No fees or interest will accrue during the sixty day period.
It says cancellation of ALL amounts owed by me and then talks only about surplus. That means that I will NOT owe them money if they sell it for less than loan??
HUGE THANKS to EVERYBODY who replies, really appreciate it.
"Notwithstanding anything to the contrary, you may at any time surrender possession and title to the collateral in favor of "Car title Loan Place" in exchange for a cancellation of all amounts owed by you to "Car Title Loan Place". Upon such surrender it will be sold within 60 days. The proceeds of the sale will be applied to the principal, interest, fees, and costs owed by you to "Car Title Loan Place". "Car Title Loan Place" will then return any surplus from the sale to you. No fees or interest will accrue during the sixty day period.
It says cancellation of ALL amounts owed by me and then talks only about surplus. That means that I will NOT owe them money if they sell it for less than loan??
HUGE THANKS to EVERYBODY who replies, really appreciate it.
Sale and Deficiency: Will I Owe Deficiency in Car Title Loan Case if Contract Says That Debt is Forgiven
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