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Can you be sued by a finance company once you have defaulted on a car loan? |
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Yes, if the vehicle is repossessed and there is a deficit between the sale and the loan balance, (including fees and penalties)and the borrower cannot pay what is owed.
First answer by Macky. Last edit by Macky. Contributor trust: 3454 [recommend contributor]. Question popularity: 16 [recommend question]
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Answers.com > Wiki Answers > Categories > Business and Finance > Personal Finance > Money Management > Loans > Auto Loans and Financing > Can you be sued by a finance company once you have defaulted on a car loan?
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What happens when you are sued for letting a car go back to the finance company? What are the legal actions in california that a car loan company can take on a defaulted loan?
