If Istill owe $5253 from a car loan butI already got the title, doI still need to pay it off?

UPDATED: Feb 20, 2012

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If Istill owe $5253 from a car loan butI already got the title, doI still need to pay it off?

Asked on February 20, 2012 under Bankruptcy Law, Illinois


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

If legal title to the vehicle that you are paying off on time has already been transferred to you by the prior owner where you still owe $5,253 for the vehicle, you are still legally obligated to pay off the balance of the vehicle under a presumed oral or written contract for it.

If you fail to pay the monthly installments when due, very likely you will be the subject of a lawsuit. Assuming you signed a written contract for the purchase of the vehicle you are writing about, I suggest that you carefully read its terms in that most likely your obligations will be set forth in the document.

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