Legal Question in Credit and Debt Law in California

Vehicle Repossession :HELP QUICK!

My mother co-signed for a car with my brother a couple of years ago.My bro. stopped making car payments and it was repossessed. A couple of weeks after that we received a police report that said the repossessed car was found abandoned on the street.Then we receive a letter that said the car was sold at auction. Now,after a long time of not hearing any news about the debt, the bank says they want my mom to pay them. Is it legal for them to repossess the car,abandon it on the street,sell it at auction, then expect my mom to pay off a debt she cant afford.


Asked on 5/26/04, 7:04 pm

1 Answer from Attorneys
Sheldon G. Bardach Law Offices of Sheldon G. Bardach

Re: Vehicle Repossession :HELP QUICK!

No, it is not. Upon repossession, the bank is required to sell the car at a public sale, designed to get the maximum return. Usually does not, however, because these auctions are attended by car dealers who attempt to get the vehicle at the lowest possible price. But it is presumed to be market value. Whereas a private sale is thought to be suspicious and no presumption of market value is attributed to it. They have a good defense against any action for deficiency.

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Answered on 5/26/04, 7:25 pm


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