Legal Question in Credit and Debt Law in California
voluntary repossesion of a car
if I came upon hard times and overextended myself with debt, and I voluntarily gave back one of my cars to the bank it was financed through what is the worst case scenario that could happen to me, aside from ruining my credit.
Asked on 11/18/06, 9:38 pm
1 Answer from Attorneys
Robert F. Cohen
Law Office of Robert F. Cohen
Re: voluntary repossesion of a car
More than likely, the bank will sell the car at an extremely large discount, and try to collect the difference between what you owe and the sales price. It likely would file a lawsuit against you at some later date, and also seek attorney's fees and interest.
Answered on 11/18/06, 10:28 pm
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