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  1. #1
    Join Date
    Aug 2011
    Posts
    1

    Default Do You Have to Make Payments On Your Deficiency

    My question involves an auto loan or repossession in the State of: California
    Purchase a vehicle about 3-4 years ago not exactly know the date when it was purchase; car was given back and was repossess, just got a call today regarding repayment from a third party collector named Sentry Credit working for autovest. My question is, Am I obligated to do monthly payments now (I am a full time student paying student loans and the only income for a family of 5) I can’t make any more payments due to my budget. What should i do? Should I just let them ruin my credit and not pay? Am I going to jail? What are the consequences?

    I dont have a plan on paying i am walking away from it but i need to know what will happen next and how can i protect myself. the reason i lost the car is that i lost my job and cant support my family.

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Adviced

    It sounds like you are speaking of the deficiency remaining of your loan after they sold your car. They can accept monthly payments if they wish. They don't have to. If you refuse to pay, they may sue you and obtain a judgment. Once they do that, they can do things like garnish wages and seize bank accounts and personal property. Of course there are limits to what they can take.

    I suspect your credit is already in the crapper.

    No, you are not going to jail, at least for this.

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