Car Repossession

[imanetter2]

I live in Illinois and was wondering what the law is on car repossessions. My son had his car repossessed because he lost his job and couldn't pay for the loan. He is now working again but his car was repossessed anyway. Now the bank is coming after him to pay around $7,000.00 that they feel they lost in auctioning off the car. Is my son liable for this debt, or is the bank trying to con him into payments of lost money from the auction or was the repossessed car the payment for his non-payment of debt?

 

[gatorguy]

As bad as it is, yes, they can demand payment in full for the price difference. the only option for your son if he does not want to pay, is bankruptcy. :-(

I am not an attorney, but VERY legal minded.