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  1. #1
    Join Date
    Jan 2010
    Posts
    1

    Default Refinancing an Auto Loan After Default

    My question involves an auto loan or repossession in the State of: California
    Is there a law that says that the company that does the financing for an auto loan has to redo the loan for what the var is worth and not on the amount owed after a repossession? The payoff for my car is $11.000 but it's only worth $5000 blue book value. I heard that there is a new law in California about this....can anyone tell me how to find it please?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    73,739

    Default Re: Refinancing an Auto Loan After Default

    You're asking if, when you fall behind in your car payments, the lender has to forgive any amount you owe above the blue book value of the car? No.

    If you're asking something else, please ask more clearly.

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