Legal Question in Consumer Law in California

My wife and I have been paying on a SUV since 2006. The original price for the vehicle was 37,000. We started making payments of 850.00 per month and paid that for over 2 years. At the end of that period, we did a loan modification with the bank and our new payments were 650.00 per month and have been paying that since 2008. My statement says we still owe 28,000 on the vehicle. I know I can never sell the vehicle for anything near what we owe, but am wondering if we turned the vehicle over to the bank (voluntary reposession), can they still come after us for anything they recover once they sell it at auction? We have paid almost 35,000+ over the past 4+ years. I dont know what we can do, and we cannot afford to keep the payments going. Any help would be greatly appreciated.


Asked on 7/10/10, 5:02 pm

1 Answer from Attorneys
George Shers Law Offices of Georges H. Shers

They should be able to come after you for any deficiency [difference between what you owe and what they can sell it for or fair market value, which ever is higher] as the anti-deficiency law is for real and not personal property, which is what a vehicle is.

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Answered on 7/11/10, 10:03 pm


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