Car Repossession And Deficiency

Summary

In Georgia, lenders can demand repayment of the deficiency balance if a repossessed car sells for less than the remaining loan amount. The lender must notify the borrower about the auction and the deficiency balance. For issues with receiving a university degree, contact the registrars office, check for pending requirements, or escalate the matter within the university. Consulting a local attorney for both issues may provide more specific guidance.

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My son had to return a car he bought because it proved to be in bad condition after six months. He asked the bank to repo it and they did. They auctioned it and told him he had to repay the difference. Is this legal?
In Georgia, it is generally legal for a lender to require repayment of the difference if a repossessed car is sold for less than the remaining loan balance. Here's some general information:
- The borrower is responsible for the "deficiency balance," which is the difference between the auction sale price and the remaining loan balance.
- The lender must provide notice of the auction and the deficiency balance.
If you need further assistance, consulting a local attorney could provide more specific guidance.
Thank you ????
You're welcome! If you have any more questions or need further clarification, feel free to ask. I'm here to help!
Yes. He also finished his online degree more than five months ago but is yet to receive his certificate. Calls to the university only gave him delayed information and uncertainty as to when he will get it. What can we do?
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It might be helpful to:
- Contact the university's registrar office directly for specific guidance.
- Check if there are any pending requirements or fees that might delay the issuance.
- Consider escalating the issue to higher authorities within the university.
If the issue persists, consulting an education attorney might be beneficial.
Thank you again! Have a wonderful day
Case Rating: *
You're welcome! If you have any more questions or need further assistance in the future, feel free to reach out. Have a great day!