Legal Question in Credit and Debt Law in California
Can a creditor sue me for a ''deficiency judgement''?
I understand that in some states, creditors cannot sue for the balance of a loan if the consumer good was a car. Is this true in California?
3 Answers from Attorneys
Re: Can a creditor sue me for a ''deficiency judgement''?
In a word, no. Creditors in California can, and routinely do, sue consumers in this situation.
Re: Can a creditor sue me for a ''deficiency judgement''?
In a word, No!
Re: Can a creditor sue me for a ''deficiency judgement''?
I am correcting what should have been an obvious error. I believed the question was, it this also true in California? Then the answer would be correct, "in a word No!" but, in its present form I would have to say, "In a word, Yes!" Only when a purchase money security interest is given in real property is there anti deficiency law. Not in a motor vehicle transaction.
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