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Answered 2006-07-15 02:18:08

Probably not because the car was really reposessed. When you sign the loan contract you are still obligated to pay the note off. See if they auction the car off or sell it for less than you owe, if you are still obligated to pay the original purchase price. It looks like the bank really makes out on this deal. You pay the full price and they make additional money by selling it again. In the future, if you have a loan and are strapped for cash, call the lender and negotiate a payment plan until you can catch up. They would rather work with you than to get the legal departments involved. Your question is a good one though. Call your lender and see if they will change the status after you have repaid your debt. Good Luck

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Does a creditor have to give written notice concerning repossession of your car?

NO


How long after a repossession can a creditor sue you?

A creditor can try to collect forever but it's usually not worth the cost of involving the courts.


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Repossession Services Agreement?

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