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CALawyer
CALawyer, Lawyer (JD)
Category: Legal
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Experience:  Graduated Magna Cum Laude (Law School), Graduated Undergraduate at 19 Years of Age.
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RE Notice of Satisfaction of Debt Proposal -- when ...

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RE: Notice of Satisfaction of Debt Proposal -- when it states the following: Company Name: proposes to accept all rights to this vehicle and release (hereinafter "Debtor" / "You" from any further liability under the Retail Install ment Contract and Securiy Agreement number XXXX and dated 00/00/0000 by and betweeen Debtor (s) and Carshop thereafter assigned to Company Name, with a current balance of $10,000.00? Then it goes on to say you have 20 days to respond to this proposal and if Company name does not receive notification of objection authenticated by you within 20 days, Company name will assume you agreed to the proposal.


Does this mean they get the car and I get a bill for $10,000?
My interpretation is that the company would get the car and the 10,000 debt would be released (ie. either the company would eat the 10k or pay it).

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Customer: replied 8 years ago.
Thank you.