Legal Question in Credit and Debt Law in California

Auto repossesion

I have been unemployed for over 9 mos. I purchased a 2000 Pontiac while employed, financed through GMAC..payments are $543 a month...I can no longer afford the payments. I called GMAC to see if I could work something out. they refused..Either I have the car repossed, return it and they sell it at auction or I sell it...I owe over $19 on the car, would get max.$16K for it..don't have the $3K difference..so, can't get clean title to sell. If they auction it off it would be fro $1K to $3k less than I could sell it for and would have a negative bal of $4-$7k.

Is there anything I can do legally to avoid a repo..and work this out? thanks


Asked on 10/21/02, 5:50 pm

1 Answer from Attorneys
Martin Lathrop Russakow, Ryan & Johnson

Re: Auto repossesion

Basically they have you tightly bound contractually. The best thing is to arrange some sort of agreement with them wherein you return the car and pay them back over time. Try to write them letters and speak with supervisors. Keep an adequet paper trail to cover yourself in the event they sue you under the contract. Good luck-Martin.

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Answered on 10/21/02, 8:33 pm


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