QUESTION
What is the law on car loans when your vehicle is not worth what is left on the loan
Asked on Apr 06th, 2017 on Breach of Contract - Florida
More details to this question:
Can't afford to keep paying for the next 2 1/2 years it won't be worth any thing and that's if it don't break down anymore it's 2005 Dodge Durango with 152,000 miles we owe 10,000 and just tried to trade it in and was told only 1,500 😭
1 ANSWER
Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
Partner at
Tischhauser Law Group
2 Awards
Nothing. The same freedom in the law that allows to buy cars you want also allows you to make really bad investment deals buyng what you cant afford. Regardless you will owe the money on the note and if you dont make the payments you will usually have a repo, bad credit and probably a lawsuit for the remining monies owed.
Answered on Apr 07th, 2017 at 9:51 AM
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