Legal Question in Credit and Debt Law in North Carolina
A repossessed car
I am wondering if my car was repossessed in October 2004 after only being 10 days late on payment can they come back now and say we have to pay the difference. We were trying to make the payment, we had an emergency that caused it to be a little late. On the 10th day they came and got it. It was also shown as a charge off on my credit report. Please let me know the answer to this question as soon as possible.
Asked on 1/04/06, 5:53 pm
1 Answer from Attorneys
Lynn Coleman
Attorney-Mediator
Re: A repossessed car
Assuming that your loan contract allowed for repossession after a payment was 10 days late, yes, they can still come after you for any deficiency. Your lender may have charged off the account internally and reported that to the credit bureau, but that did not release you from liability.
Answered on 1/04/06, 6:19 pm