Legal Question in Credit and Debt Law in Colorado

Re: returning a car

Your inquiry does not state a question, so I will assume you want to know if you are liable on the deficiency which was created by the sale of the collateral following the repossession. The threshold question is did you sign the note. If you didn't, you are not liable to pay the deficiency. Even if you signed the note, you may have a legal defense to payment, if the lender did not follow the law regarding the repossession process. Even if you did not sign the note, if there were assets in your late husband's estate, it will be important to determine if the lender following the repossession law, because the estate may have a defense to payment of the deficiency. Some defenses may arise based on the advice the lender's representative gave you prior to the repossession. In addition, counterclaims and/or defenses may arise based on the conduct of the collection agency including the content of the written communications you received or did not receive from the agency. You need to contact an attorney versed in the law of repossessions and the federal, and possibly state, laws which govern the conduct of collection agencies for advice.