Legal Question in Credit and Debt Law in California
debt after repossession
I had a car repossessed in 2002, and last week I received a collections letter from a collections agency for the remaining balance of the loan. Does repossession end my obligation on the loan?
Asked on 10/28/07, 2:05 pm
2 Answers from Attorneys
Robert F. Cohen
Law Office of Robert F. Cohen
Re: debt after repossession
Nope. You're required to pay the difference between their resale price and the balance of your loan. Some people consider bankruptcy as an option if other debts also are overwhelming.
Answered on 10/28/07, 4:22 pm
Larry Rothman
Larry Rothman & Associates
Re: debt after repossession
The debt may be passed the statute of limitations. We would have to review the letter. Do you know when the car was resold? Was there an accounting breakdown? Please contact our office. The collection agency may have also violated the Fair Debt Colletions Act.
Answered on 10/28/07, 6:59 pm
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