Legal Question in Credit and Debt Law in Georgia

Read your loan documents. Did your contract state that if the car was repossessed, you somehow got out of paying the entire loan amount? That is highly unlikely. I am not sure why you think you don't have to pay back ALL you owe. Don't borrow more money or sign any contracts unless you understand them.

Has the car been sold? If so, you are entitled to credit for the amount the car was sold less expenses. In other words, if you owe $20,000 on the car and the car was sold for $15,000 and the expenses were $500. It is likely that the creditor would come after you for the $5,500.

It may also be possible that the computer simply generated this notice because the creditor failed to reprogram your loan. You should call the note holder to determine if the car has been sold and to adjust the balance accordinging.

Licensed and practicing in the Atlanta Metro area.