Finance company is suing me

Watching????

 

Gap insurance only covers difference s in case of an accident not repo.....you either need to come to an agreement with lawyers or file bk ..

 

Should have burned it or crashed it..

 

Unless you are a well established business they usually include a clause that says you personally secure the loan. If they ran your credit and not just the company's then you will be on the hook for it.

 

I pretty much can guarantee you signed a personal guarantee on that loan.

The gap is only 4k. Call them up and try and settle with them.

 

Was this a Cummins engine?

 

Gap insurance is to protect the lender in the case of loss from an accident. Has absolutely no bearing on a repo. You are going to lose this suit, no need to spend money you don't have on a lawyer cause you are 100% legally liable for the balance plus all fees on the truck loan. Ours reallyt no different than not paying any other legitimate bill. They are going to be awarded a judgement against you. The only way to stop that ous to negotiate a settlement out of court, but if you had the money to pay them that settled amount, you wouldn't of gotten the truck repod.

Now that betting said, you arent the first one to have a judgement against them. Guess that saying go? Can't squeeze blood from a turnip.

Moving forward you should be expecting your wages at your new job to start being garnished some time after the court has ruled in favor of the finance company. I'd suggest tightening the budget now so when your checks are less than you are used to it isn't a shock that sets you back even farther.

 

A strong S corp can save you but any co/mingle of money like paying personal bills that are in your name not co. name with co. money will sink the ship in court?

 

www.yourlegallegup.com. a lot of good info on youtube along with other videos