In 2003 I had a truck repossed, I read that they have to notify you about this to give you the opportunity to pay. Don't ask me how, but we were a month behind on the note and did'nt know. The next month came and we paid the note for that month and we woke up the next day and our car was gone. Long story short my wife thought she was up to date and she was'nt. For two months she would always be a month behind. But we never got any notice or anything from the company. I am thinking about suing. Do i still have that option? peace
Sorry you don't have a leg to stand on. Read the fine print on your loan agreement for the car. Most finance company's are not required to notify you if your behind.
Your state law may place requirements on the lender that are not in the contract. They may have no obligation to list all such requirements in the contract, yet still be required to follow them to comply with the law. One of your problems is that by waiting too long you may be out of luck. But you might still look into state law on repos, since if a balance is due on the debt after the sale of the vehicle, a CA might later come after you to collect it. It may even be reporting on your credit reports now. Some states may require that you be notified of this deficiency in a timely manner. On the other hand, if the vehicle sold for more than the outstanding debt plus fees, the excess should have gone to you, or if they "couldn't find you", probably to the state to hold for you.
