What to do if a co-signer of a car loanwas not properly notified of repossession and sale?
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What to do if a co-signer of a car loanwas not properly notified of repossession and sale?
My daughter listed her car on her bankruptcy. The leinholder took the vehicle and sold the car before notifying me. I was sent a bill for the $8000; the difference on the loan balance and the sale price. The loan company admits that I was not properly notified and has agreed to settle for $4000. Should I pay this or try to get it reduced or dismissed with attorney help?
Asked on December 2, 2010 under Bankruptcy Law, California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
I am not sure that you could get the matter dismissed entirely unless you take the stance that you would have taken over the car payments and made the car you own. But I would certainly try and have the amount reduced farther, especially if they have admitted to improper notification. I would take the stand however that you owe nothing based upon their breach of the contract as to notice and maybe a bunch of other provisions in the loan agreement. Do you have the agreement? Then I would take it to someone in you area to review and advise you on what the believe is the likely end result. Good luck.
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