If I financed a vehicle from a dealership which has since closed down but I haven’t finished paying it off, what do I do since I haven’t got any information of who to pay?
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If I financed a vehicle from a dealership which has since closed down but I haven’t finished paying it off, what do I do since I haven’t got any information of who to pay?
I don’t know what to do. Who should I pay? How do I find out what’s going on? There is still a lien on it and I don’t know if someone is going to take it because I haven’t made payments because I have no idea who to pay, if it’s legal to srap it or just keep it (it’s really not the best vechile and I would like to sell it if I could).
Asked on January 20, 2014 under Business Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
There may be no easy way to find out what's going on, if there are no affiliates of the closed-down dealership and no one purchased the dealership or its notes. Even if someone did purchase the dealership and/or the note, that may not be currently recorded someplace public. You should assume that you most likely will have to pay the note--it is unlikely that no one has acquired it--and should plan accordingly; i.e. do not sell or scrap the car at present, while putting aside (such as in a savings account) an amount each month equal to the monthly payment. Give it time--someone will most likely contact you about the note at some point, and when they do, you will have the money to meet you obligations. And, if after a number of years no one does seek payment of the note, then you have the money you put away as savings.
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