Legal Question in Credit and Debt Law in California
Car Reposession
A 2001 Ford Mustang was reposessed and was sold for $6,250 leaving a balance of $5,000 on the car loan. My friend is now on welfare and homeless and cannot pay this. She informed the lender, and he told her to pay $1,000 by April 28th, and they would forgive the debt. My question: When a car is reposessed, does that end the financial responsibility? Should she have to pay anything else after giving up the car?
Asked on 4/15/05, 1:49 pm
1 Answer from Attorneys
Jonas Grant
Law Office of Jonas M. Grant, A.P.C.
Re: Car Reposession
No, the finance co./bank is still owed the balance. Sounds as if they are offering a great deal for settlement, but get it in writing is the general advice. Welfare chks + no expenses, she should be able to swing it?
Answered on 4/17/05, 8:27 am
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