Legal Question in Credit and Debt Law in California
Repossession of Leased Car
My wife's 21 year old son, leased a 2002 vehicle for a total of $35,000.00, during the last of October 2001. Since then he has made no payments and has no intention of making any back or future payments. The financial institution is going to repossess the vehicle at any time. Please let us know the financial institution's legal options for collection of the unpaid balance, repossession charges, penalties, legal/attorneys' fees, etc...and how the ''son'' can be held legally accountable for his financial responsibility. Thank you!
2 Answers from Attorneys
Re: Repossession of Leased Car
they can file a lawsuit against him to recover whatever he would have to pay under the lease. Good thing he didnt make any payments, he can use the money to hire a lawyer to defend the lawsuit.
Re: Repossession of Leased Car
Generally, your son may be liable for any deficiency occuring after the sale once the car is repossessed. The best situation is to settle early. If you fax me any documenation you have to 714 363 0229, I will provide you with free consultation.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
