Isn’t it illegal for a car lot not to pay off a loan offorvehicle sold to them?
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Isn’t it illegal for a car lot not to pay off a loan offorvehicle sold to them?
We sold a truck to an independent car lot. They still haven’t paid it off at my bank and it has been over a month. I have a bill of sale for the truck but I am still responsible for the loan. I want them to pay the truck off.
Asked on April 14, 2011 under General Practice, Alaska
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
This does not sound so good here. What were the terms of your sale? By that I mean, do you have a written agreement with the car lot that states just what you are stating here? That they will pay off the existing loan on the car? If you do then illegal may not be the exact term but rather they are in breach of your contract. I would have someone take a look at this transaction very carefully here. Is the car lot a dealership for used car that is subject to a license in the sate of Arkansas? Then I might contact the state licensing bureau should things not look too rosey and the state attorney general's office consumer fraud division as well. Good luck to you.
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