Legal Question in Credit and Debt Law in California

Aotomobile ReposessionW

Are any additional financial obligations required of me after my automobile has been repossessed? I am being asked to pay nearly three times the past due payments.......Why?


Asked on 6/28/01, 5:26 pm

1 Answer from Attorneys
Roy Hoffman Law Offices of Roy A. Hoffman

Re: Aotomobile ReposessionW

Possibly. In California the lien holder repossessing a vehicle resells it to someone (usually an auto broker). If the lien holder is unable to sell the vehicle for the amount you owe on the loan, you are required to pay the difference.

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Answered on 7/02/01, 1:30 pm


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