Deficiency Judgment In Texas

Summary

A car lot in Texas can seek a deficiency judgment if a repossessed vehicles sale doesnt cover the loan balance. The sale must be commercially reasonable, and you must be notified. You have the right to contest the deficiency amount in court.

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Texas
In Texas, a car lot can file a lawsuit to obtain a deficiency judgment if the sale of the repossessed vehicle does not cover the remaining balance on your loan. Here are some relevant points:
- You must be notified of the sale.
- The sale must be commercially reasonable.
- You have the right to contest the deficiency amount in court.
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