QUESTION
i sold a car via take over the payments, after the buyer made about 4 payments she quit making the payments, are we responsible for the car ?
Asked on Dec 20th, 2017 on Breach of Contract - Arkansas
More details to this question:
we sold a car via take over the payments she made a few payments then stopped making the payments, the reposed the vehicle. their is a 9,000 plus debt left owed on the vehicle. am I responsible for the debt since the loan was never taken out of my name
1 ANSWER
Yes. Your agreement with your buyer doesn't change your prior agreement with your lender. You can sue the buyer for any amount you have to pay due to her breach of contract, but if she doesn't have the money to pay the loan, you are on the hook.
Answered on Dec 20th, 2017 at 11:29 AM