Legal Question in Credit and Debt Law in California

Re: Car Repossesion --- Already done help.

No, no, yes,

O.K. you have ten days to redeem the vehicle--the notice you got probably is just a notice to redeem, telling you you have ten days to pay the amount owed plus repo costs, or then the vehicle will be sold. Then they will have to give you another notice telling you the date of the sale. If they don't then you will not owe any deficiency. You better have a consult with a lawyer quick! Deficiency judgments usually run around $10,000!

Re: Car Repossesion --- Already done help.

Upon repossession, you can "reinstate" your contract (not to be confused with redeeming) for the back amounts owed plus repossession costs. If you can do this, you are much better off. "Redeeming" means paying off the entire loan balance to get the car back, and few consumers can afford that.

They can sell the car at private auction, and they don't have to give a specific date as long as it is 15 (not ten) days after the post-repossession notice, or 20 days if the notice was mailed to you from another state. (you can get a ten day extension too, by providing a notice by certified mail)

The finance company won't be working with you to make a payment schedule after selling the car. They will play hardball and insist on large lump sum payments, and are likely to sue you if you don't pay at least half of the deficiency balance.

If you can swing it, reinstate the contract rather than allow them to sell it. Make sure you do this within the reinstatement period. Have a lawyer look at your post-repo notice too (I'll do it for free if you want). There could be other defenses available as well.