California | Credit and Debt Law
4/15/05, 1:49 pm
Legal Question
Car Reposession
A 2001 Ford Mustang was reposessed and was sold for $6,250 leaving a balance of $5,000 on the car loan. My friend is now on welfare and homeless and cannot pay this. She informed the lender, and he told her to pay $1,000 by April 28th, and they would forgive the debt. My question: When a car is reposessed, does that end the financial responsibility? Should she have to pay anything else after giving up the car?
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Read More Answered By: Jonas Grant |
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