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If I surrender my vehicle, will I be responsible for any balance owed?

If you're thinking of surrendering your car to the lender because you can't make the payments, you might be wondering if you'll still be responsible for any balance owed on the loan. The answer is maybe. It depends on a number of factors, including your state's laws and the terms of your loan contract.

In some states, the lender can come after you for the deficiency balance—the amount you owe on the loan after the car is sold at auction. Other states have what's known as a "clean hands" rule that says the lender can't go after a borrower for a deficiency balance if the borrower has surrendered the vehicle in good faith. And still other states have laws that prohibit lenders from going after borrowers for deficiency balances under certain circumstances, such as when the borrower is facing financial hardship.

The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.

Our goal is to help you find a fresh start FASTER!

Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706


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