Legal Question in Credit and Debt Law in California

Repoed

My motorcycle was repoed,i did not pay my bill for six months. i was out of work for those six months. i have been back to work for about a month. i was starting to pay all my bills, but aperantly not fast enough.i ask to bring my bill of up to date, that would be 1400.00 . but financing said i have to pay 4500.00 in 14days or they sell it. i have paid 36 payments of 187.75. i just had this year left. my question is do i have to pay it off or could i just bring it up to date? whats legal?


Asked on 6/17/99, 8:03 pm

1 Answer from Attorneys
Ken Koury Kenneth P. Koury, Esq.

Re: Repoed

It depends on your contract. Most of them have what is called an acceleration clause that makes the entire amount due upon default.

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Answered on 6/30/99, 12:21 am


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