Repossessions: 9.6.3 Effect on Deficiency When Creditor Rejects Offers Obtained by Debtor
An Ohio case demonstrates the potential benefits of a debtor’s attempts to sell a secured automobile privately prior to repossession.248 In Huntington National Bank v. Elkins,249 the debtor tried to sell her car privately when it became obvious that she could not meet her loan payments. She received an offer of $5900, the loan value of the car, and sought only a release of the security interest from the bank.