Consumer Protection Law
Consumer Protection Law Questions? Ask a Lawyer Now.
When I was doing some research under California Repo Laws it stated this
Creditors must provide consumers with detailed written notice of their right to reinstatement and/or redemption. The written notice must be accurate and include complete disclosure of all charges and other information necessary for the consumer to reinstate the contract or redeem the vehicle. Which I never received, even after asking for it
If you cannot afford to reinstate or redeem the vehicle, it will be sold at auction and the creditor will apply the proceeds of the sale to your loan balance. You will owe the rest, which is called a “deficiency balance”. Always have an attorney review the notice you receive after your car has been repossessed. California law is very strict as to what must be contained in it.
DAMAGES AND OTHER RELIEF
A consumer may not owe a deficiency balance. If the creditor does not provide the required notice in the proper form after repossession, the consumer will not owe a deficiency balance (the amount remaining on the contract after the sale of the vehicle).
My understanding is that they have to give me an itemized notice on what is due and how I can get it back. And at least give me 15 days notice before they sell it.
Is this not a law or is just voluntary?