Legal Question in Real Estate Law in California
Yeah I let my car get repoed because we bought our car in march of 2007 for 20,436 and our payments were 411 amonth and the switched banks well I got a bill from one bank and then I got a bill from the new bank the first bank was citi fincial and on 6/5/2010 there bill stated that we only owed 14,871 then the second bank was santander said on march 20th we still owed 13,913 which is less than a thousand dollars both banks I believe are wrong if we got finacied at 20,436 and we made 48 payments of 411 is 19,728 which should of only left the balance at 708 dollars and we defered 3 payments which then our balance should have been 1,942 on my credit report it shows the high balance of 20,436 in march 17,2007 I just wanna know if I have a good case
2 Answers from Attorneys
None of that makes any sense as to why you would let your car be repossessed. You do not state the what the interest rate or period of payments were. $411 per month for three years with 0% interest would pay off only $16,000. Switching banks would not result in any change in the payments terms. You need to present the facts more clearly in a re-posting of the question.
I think I see a basic flaw in your reasoning. You have omitted the concept of interest from your calculation. You can't just divide the amount financed by the amount of the payment to get the number of payments required.
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