Legal Question in Credit and Debt Law in California

We had a vehicle repossessed, as we could not afford the payment. We received notification from a collection agency to pay the loan for $6,000. Do we have to pay this loan?


Asked on 12/10/11, 1:51 pm

1 Answer from Attorneys
Asaph Abrams Law Office of Asaph Abrams

Upon repossession, the finance company will liquidate the collateral. Insofar as the receipts from sale do not cover the loan payoff and accompanying repossession- and sale-costs, that effects a deficiency that the creditor will collect upon. It's presumptively a valid debt.

This answer (as well as our Web site) doesn�t address all facts & implications of the question; it�s general info, not legal advice to be relied upon; it creates no attorney-client relationship; it may be pertinent to CA only; it�s independent of other answers. Hire legal counsel before acting or refraining from bankruptcy/legal action. www.BankonitSD.com

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Answered on 12/12/11, 9:48 am


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