Legal Question in Credit and Debt Law in California
My car was reposseced
I have the chance to recovered the car but the bank saids that my balance is higher for insurance fees they said i own them since 2003 .Everytime I had my car uninsure they add an insurance fee to my principal at this time i own them only Thoes insurances fees my debt is all paid .Is thie legal? what can I do?
1 Answer from Attorneys
Re: My car was reposessed
Read The Friendly Contract that you signed when you bought the car. It says that you agreed to maintain insurance on the car so that your lender is protected in case you crash it. It also says that if you let your auto insurance lapse, they can buy insurance and charge you for it at their prices. All of this is neither illegal nor unfair, and you agreed to it in writing. Pay the amount they are demanding if you want your car back, and if you do get it back, don't let your personal auto insurance lapse again.
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