Legal Question in Consumer Law in California

Possible Repo

I made a car purchase and coming off a BK one year ago had to accept a high interest rate and payment.I can no longer make the high payment.I believe I owe

6000 more than the car is worth.Should I voluntarily turn the car in or try to sell it private party and try to reduce the deficit?


Asked on 2/03/02, 9:40 pm

2 Answers from Attorneys
Ken Koenen Koenen & Tokunaga, P.C.

Re: Possible Repo

Try to sell it yourself, and pay the lender off in full, if you can. Borrow the money, if you need to for the difference. You will need to pay them off in order to get the pink slip.

You will avoid a repo from your record that way.

How long have you had the car? Perhaps you can refinance it at a lower rate if you have maintained a good payment history with the current lender.

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Answered on 2/04/02, 12:55 am
Robert Mccoy Law Office Of Robert McCoy

Re: Possible Repo

You do not want to turn it over if you can avoid it--they will destroy you. Deficiency judgments usually run around $10,000. You might try to work out an agreement in writing with them before you turn the vehicle over, i.e. get them to state the maximum amount of deficiency. Once the car is turned over, there is no negotiation.

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Answered on 2/05/02, 9:09 pm


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