Am I still responsible for the balance of a car loan, if I used the car as a trade?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Am I still responsible for the balance of a car loan, if I used the car as a trade?
The dealer agreed to pay the balance,sent a check to the loan company and received the title and resold the car. Now the loan company is calling me telling me the check was returned and I am still responsible for the balance on the loan.
Asked on January 10, 2013 under General Practice, Massachusetts
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
You have a huge problem here if the dealer bounced the check. Please contact your state attorney general as soon as you can. The lender is not a party to your contract with the dealer so they are not bound by your agreement. That means yes they can come after you. Get help; good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.