California | Credit and Debt Law
3/02/02, 12:46 pm
Legal Question
Voluntary car repossession
Upon the cooperative return, of a car, to the lending co.; what financial reprissal would I be submitting too? Must I pay the difference between lenders compensation from an auction sale and the remaining balance or is satisfaction achieve with collateral return?
1. Vehicle is valued at $6,000 and the outstanding loan balance is 14,000.
2. The monthly payment is very taxing to my budget, minimum wage, 2 children.
3. Would like to avoid bankrupcy over one issue.
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