QUESTION
If the car was sold am I still respinsible to be paying for the car?
Asked on Jan 29th, 2013 on Contracts - Missouri
More details to this question:
My car was towed by St. Louis City in May 2012. My car was financed by 2 financing companies. I recently found out that the car was sold on June 28, 2012 in the St. Louis City public auction. I am being garnished from both financing companies at this time. If the car was sold am I still responsible to pay for the car?
1 ANSWER
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When you finance or lease a vehicle, your creditor holds important rights on the vehicle until you've made the last loan payment or fully paid off your lease obligation. These rights are established by the signed contract and by state law. If your payments are late or you default on your contract in any way, your creditor may have the right to repossess your car.
If the car is taken by an entity other than the creditor, you may still be liable to the creditor for payment on the contract that you signed. These matters are complex and you should always consult an attorney for help. In order to properly assess the case, any attorney would need more details.
Henry C. ServiceAttorney at Law
1601 East 18th Street | Suite 370 |
Kansas City, MO 64108-1600 | Office 816.286.4140 | Fax 800.616.0297
henry@servicelaw.net | http://www.servicelaw.net
Answered on Feb 04th, 2013 at 3:48 PM