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In the state of California does the loan company have to send you a letter telling you when the car will be sold at auction so that you may have the option to go to the auction and buy it back?
Wiki User
∙ 16y ago
No, when a lender auctions your car they are auctioning out to local dealerships or lenders. So, you do not have the option of buying back this car. If you have the finances to buy it back, then your best bet is to wait for the letter in the mail telling how much you will end up owing after the car has been sold. If you are lucky of getting a statement showing you a balance anywhere from 50-75% of the original sales price, then you will have only one option - negotiate a settlement. Welcome to Improve Credit, LLC.
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Wiki User
∙ 16y ago
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