Legal Question in Credit and Debt Law in California

repo og autos

do I have to pay the balance for a auto that was repoed and sold by Ford Motor Credit


Asked on 1/12/07, 1:50 pm

1 Answer from Attorneys
Carl Starrett Law Offices of Carl H. Starrett II

Re: repo og autos

The lender must follow very strict procedures and take steps to guarantee that a fair price is received when they auction off the vehicle. If they do so, they have the right to sue you for the deficiency balance.

Your borrowed a sum of money to buy a a car. If you breached the loan agreement, the have the right to repo the car and sell it. If you don't repay the money you borrowed and they can't get enough in the sale price to pay of the loan, then you legally owe the difference.

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Answered on 1/12/07, 2:40 pm


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