What to do if I purchased a car over 2 months ago and have been making payments but it was repossessed because my loan was denied?

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What to do if I purchased a car over 2 months ago and have been making payments but it was repossessed because my loan was denied?

They just epossessed the car from my home because the bank didn’t take my loan. I put $3600 down and I’ve been paying $422 a month for the car note. Can they legally repossess a car that payments have been made on? Am I entitled to getting all of my money back?

Asked on April 24, 2012 under General Practice, Connecticut

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you have been making payments on a car that you bought where your payments were current on a supposed loan that you received, it makes no sense that there was a repossession.

I suggest that you carefully read the purchase and loan agreements concerning the car that you bought in that they control the obligations owed to you and vice versa.

You need to carefully read who you were making the $422 monthly payments to under the promissory note. If the payments were to the dealership that you bought the car from, then the dealership has an issue as to you and the loss of the car and the money paid for it.

Given the complicated nature of the repossession you should consult an attorney that practices in the area of contract law about your matter. It makes no sense for a car dealership to allow you to drive off the lot with the car with no approved loan in place for it as to yourself.


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