California  |  Credit and Debt Law

Legal Question

Asked on: 3/07/09, 3:04 pm

car loan

what options does one have if they can no longer afford to make their monthly car payments

2 Answers


Answered on: 3/08/09, 3:52 pm by Joshua Swigart

Re: car loan

You can turn the vehicle in or wait for them to repossess it. If they repossess it or it is voluntary they will then auction the vehicle off and attempt to hold you liable for any deficiency. Depending on how this is accomplished you may not be liable if they do not fully comply with 2983 of the Civil Code


Did you find this answer helpful?

0 Users found this answer helpful.

0 Attorneys agree with this answer.


Hyde & Swigart 411 Camino del Rio South, Ste. 301 San Diego, CA 92108

Other answers from this attorney

Answered on: 3/07/09, 3:15 pm by Robert F. Cohen

Re: car loan

Call the lender and see if it could work with you either by lowering the payments, stretching them out, or in some other way. If you were to surrender the car, the lender would auction the car and eventually obtain a judgment against you for the difference between the remainder on the loan and the auction value("deficiency"), for which you would be responsible.


Did you find this answer helpful?

0 Users found this answer helpful.

0 Attorneys agree with this answer.


Law Office of Robert F. Cohen P.O. Box 15896 San Francisco, CA 94115-0896

Other answers from this attorney

Didn't find what you were looking for? Ask an Attorney!

Get answers from the top Attorneys
Ask Question

133 Answers given in the last few hours.

8661 Active attorneys ready to answer your question

Search Past Answers:
  Advanced Search