Quote Quoting Good Guy
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I did a little more research and I came upon the concept of a third-party claim. If I understand correctly, the bank that actually owns the car would file a third-party claim to the vehicle. The creditor would then have to put up an "undertaking" (bond) to cover the value of loan before the property could be sold. (CCP 720.160 & 720.170). Am I understanding this correctly?
Maybe.

But what difference does it make.

There will be a deficiency balance and the bank will come after you for it.