Can I be sued for a car loan that I signed when I was 17?

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Can I be sued for a car loan that I signed when I was 17?

When I was 17 I went to my local bank and signed a contract for a car loan. At the time, I had the funds to pay for the car. Almost a year later, I had to take out an additional $1,200 to make repairs on the car, so my contract was renewed. I lost my job and can’t pay the loan but tried to work out interest only payments, but the bank refused. They are now suing me for the balance of the loan. Is there any way to get this thrown out since I was a minor when I signed the original contract?

Asked on March 3, 2011 under Bankruptcy Law, Georgia

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Although it is true that generally speaking minors can not enter in to binding contracts, there is something in the law that allows the minor to "reaffirm" the contract when they are of the age of majority - 18 - and then the contract and the terms are absolutely binding on all parties.  I believe that when you say you "renewed" your contract it was in effect a reaffirmation of the original contract and that you are liable for the terms and conditions upon which it was granted.  I would take it all to an attorney to review on your behalf.  Are you in school?  Possibly an attorney on campus or legal aid. You need to have someone give you some advice as to which way to proceed.  You are too young to have this ruin your credit so early.  Good luck to you. 


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