Maryland Repossession Laws: Stop Car Repossession in MarylandPosted on May 23, 2012
What to Know to Stop Car Repossessions in Maryland
If you are behind on vehicle payments, your vehicle creditor may decide to repossess your vehicle. According to car repo laws in Maryland, once this happens, the vehicle will be impounded, and it will be your responsibility to make payments to become current on the note, as well as pay repossession costs and storage fees, if you want to recover your vehicle.
Should you choose not to recover your car, the vehicle creditor may sell the car at auction. Once the car is sold at auction, the creditor may still sue you for the deficiency. For example, if you owed $10,000.00 on your car note, and the creditor sells the car at auction for $5,000.00, the creditor may later sue you for the remaining $5,000.00, plus attorney’s fees and interest. This could result in a judgment entered against you for the deficiency amount, which could subsequently result in a garnishment of your wages or bank account.
It is always best to stop a car repossession in Maryland before it gets underway, but sometimes it is not possible. If you are in danger of losing your car to a repossession or your car as already been repossessed, you should consult an attorney.
Contact the Law Offices of Brandon Bernstein, LLC to schedule a free consultation. We’ll provide you with all of the information you need to know on Maryland repossession laws, how to stop car repossession, and what your options will be moving forward.
The information and materials on this blog are provided for general informational purposes only and are not intended to be legal advice. Read our full disclosure here.
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