Legal Question in Credit and Debt Law in California

Bank filling a suit against me!

Bank has called threatening me to pay off a car loan. the car has already been repo'ed and resold! I also received a summons from the court that this company is trying to sue me


Asked on 9/22/07, 6:14 pm

1 Answer from Attorneys
Michael Meyer Law Ofc. Of Michael J. Meyer

Re: Bank filling a suit against me!

Chances are that the bank sold the car for less than the outstanding principal balance on your loan. Now, the bank wants you to make up that deficiency.

There are only a few technical defenses, which you'll find in Civil Code Section 2983.8. They are narrow defenses, so chances are you'll owe the full deficiency.

Keep in mind that you have 30 days to file an Answer to the Summons. If you cannot settle this right away, I recommend you see a local attorney to help you with the Answer.

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Answered on 9/22/07, 6:37 pm


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