California | Credit and Debt Law
7/12/05, 3:49 pm
Legal Question
Repo and collection of balance
I voluntarily returned a vehicle because I could no longer afford to make the payment. I had attempted to quickly sell the vehicle, with no success. The bank sold the vehicle to the highest bidder, and that amount was far below fair market value. Now, a collections company has contacted me demanding nearly $10000 for the remaining balance. I am still in the same financial situation and can not make sizeable payments. Am I responsible for the amount, since they chose not to sell for the fair value? Can they attach wages? Can they place a lien on other property?
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