car repossion

I live in California

I could not afford ny car payment so I turned the car over to the bank. After they sold it they told me that i still owe $4197.38 I am not able to pay this back. What can the Bank do to me.


Kevin

[I AM ALWAYS LIABLE]

Originally posted by pkisle
I live in California

I could not afford ny car payment so I turned the car over to the bank. After they sold it they told me that i still owe $4197.38 I am not able to pay this back. What can the Bank do to me.

Kevin

My response:

Lethal Injection.

No, no, no. They will attempt to take your first-born male child, though.

They can, and will, take you to court on the "Repossession" Deficiency, and obtain a judgment for the auction procedures, court costs, attorney's fees, interest, etc., etc.

By the time you get a judgment against you, which is good for up to 20 years in California, at 10% interest, they will also obtain a Writ of Execution against any bank accounts and non-exempt property you might have, and they will obtain a garnishment of your wages.

By the time all is said and done, expect to wind up paying at least double the amount you've mentioned here.

I won't even get into the "Debtor's Hearing" procedures, and the humiliation in open court that will cause.

Good luck to you.

IAAL