Can anyone give me their review of the car?

Does anyone know if car dealer in CA has to give buyer a written notice that buyer is in default on payments?

• Basically, my car was reposessed and i am just trying to find out if my car dealer was suppossed to send me any written notice before and let me know that car is in default. The way i see things we all do get 3 days notices if we don't pay rent, or if house mortgage i n default, or if we don't pay utility bills etc. Isn't there should be something about cars? I don't feel like losing $5k that i put down in $8k car. Plus my dealer still tries to charge me for the interest as if i kept my car for the whole term. Another words i had my car for 6 months and tries to charge me the interest if i have it for 2 years. Not cool at all. Thanks to all who'll try to help!

• Answer:

  Your car dealer has nothing to do with it...they jsut sell you the car, it's the bank that gave you a loan that would repossess the car after you stopped making payments. The laws on this probably vary by area, but they aren't going to repossess your car after one late payment and as an adult, you should know how far behind you are on your payments and be aware of how the lender is going to make up for their loss. In California, I'm pretty sure there's no law stating a lender has to tell the borrower what they are already aware of...that they are far behind on their payment. As far as the interest, it's all tacked on to the original loan amount and part of your monthly payments goes towards principal (the actual cost of the vehicle) and the other part of the payment goes towards the interest, which you agreed to pay when you signed for the loan.