Legal Question in Credit and Debt Law in California

car repossesion

if my car is repossed do I have to pay back the owner of the car which is a big name auto dealer or can I just let them have it and not owe them anything?


Asked on 11/02/07, 5:02 pm

1 Answer from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

Re: car repossesion

You would owe the difference between the loan value and their much reduced resale price, called the "deficiency."

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Answered on 11/02/07, 5:11 pm


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