Can my car be repossessed ifI paid $4000 cash for a $4500 car with $500 balance?
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Can my car be repossessed ifI paid $4000 cash for a $4500 car with $500 balance?
Asked on October 18, 2011 under Bankruptcy Law, South Carolina
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The vehicle that you are writing about can be repossessed by the lender if the amount owed on it is not timely paid. The loan agreement for the vehicle's purchase typically sets forth the recourse that the lender can do if the loan is not paid under the document's express terms.
Hopefully you did not purchase this vehicle that you are writing about from a third person who was obligated under a loan that was not paid off concerning his or her purchase of the car. If you did, you took possession of the vehicle subject to the outstanding loan and you will have to keep the loan current or lose the vehicle through a repossession.
If you were not advised about the loan on the vehicle that was outstanding by the seller before you acquired it, you have a legal action against the seller for fraud.
Good luck.
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