My question involves collection proceedings in the State of: CA
Regarding the levy of a vehicle that is being financed by a bank. Who is responsible for the loan?
From what I have researched, a levied vehicle will be sold at auction and any money collected has to go to the paying off the vehicle first. But is the debtor still ultimately responsible for the loan or does the creditor take ownership of the loan when they take possession of the vehicle?
Let's say I bought a brand new vehicle for $20k financed through a bank that was levied soon after and sold at auction for $10k. Who is on the hook for the outstanding loan balance?
Regarding the levy of a vehicle that is being financed by a bank. Who is responsible for the loan?
From what I have researched, a levied vehicle will be sold at auction and any money collected has to go to the paying off the vehicle first. But is the debtor still ultimately responsible for the loan or does the creditor take ownership of the loan when they take possession of the vehicle?
Let's say I bought a brand new vehicle for $20k financed through a bank that was levied soon after and sold at auction for $10k. Who is on the hook for the outstanding loan balance?
Settling a Debt: Who is Responsible for the Bank Loan After a Vehicle Levy
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