Purchasing a vehicle from a buy here pay here business

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Purchasing a vehicle from a buy here pay here business

I purchased this vehicle and they sent me my title in my name. I have since paid on the vehicle for over two years and have 2 remaining. Since, the company sold out to another without my awareness. The new company will not refinance the vehicle and I cannot pay for it any longer. I do have a clear title in my name. THe company was in another state and never reported anything to the credit bureau.

Asked on June 17, 2009 under Business Law, Alabama

Answers:

B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I'm not an Alabama lawyer, and there are differences in the laws about this sort of thing, between states.  More importantly, I don't have a copy of your loan papers on the car.  But it sounds to me like the worst that the new company can do is sue you for the balance on the loan, but they can't repossess the car.

If you can sell the vehicle for more than you owe on it, or not, is something worth figuring out, as part of getting ready to talk to your attorney, who can give you reliable advice based on all of the facts.  If you need to find a lawyer, one place to look is our website, http://attorneypages.com


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