Legal Question in Credit and Debt Law in California

Re: amount owed for a repossed car?

This is what happens when you let your car get repo'ed. They sell the car and whatever price they get is applied to the loan balance, and you still owe the rest. What usually happens is they sell the car to their cousin Bob for peanuts, and you can't prove it was an unfair sale. So you are now stuck owing the money. End of story.

Re: amount owed for a repossed car?

the unpaid deficiency balance would all you would legally owe under most circumstances, not the full or outstanding loan amount prior to the sale. creditors are known to threaten court action to try to intimidate the consumer, often times in violation of the FDCPA laws. you should retain an attorney to "nip this entire situation in the bud" before there is the real possibility of court action. our law firm specializes in such debt settlement negotiations and can handle this for you for a very affordable fee if you would like. contact us directly for further assistance and "no nonsense" justice under the circumstances.