Legal Question in Credit and Debt Law in Michigan
repo
my folks were watching an episode of judge mathis and he was saying that once a car is repoed you dont owe anything on the loan...is this true???
Asked on 4/07/09, 12:27 am
1 Answer from Attorneys
Lesley Hoenig
Lesley A. Hoenig, Attorney at Law
Re: repo
No, if your car is repo'd and they sell it for less than you owe, you owe the balance left, otherwise known as a deficiency.
Answered on 4/07/09, 2:03 am
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