Legal Question in Banking Law in California
Repossion
A Bank has reposed my truck now they want me to continue to make the payments. When they took the truck dosen't that cancle the contract.
Asked on 7/19/03, 7:12 pm
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: ReposESsion
No. The bank took its colkateral (the vehicle), sold it, and applied the proceeds towards the loan. You owe the rest. Had they sold it for more than you owed, they would have owed you the excess.
Answered on 7/19/03, 7:23 pm
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