Should i still be paying on a car that has already been sold?

UPDATED: Sep 30, 2022

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Should i still be paying on a car that has already been sold?

May of 2016 i wrecked the rental
car i had rented out. July of 2016
they told me that the car was
totaled and that i had to pay
16000 dollars for the car. August
of 2016 o beginned to pay 250 a
month on the car. January of 2017
i just learned the car has been
sold. My question is, Should i
still be paying for a car that has
been sold to someone else?

Asked on January 23, 2017 under Accident Law, Ohio


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

They have to offset what they realized or got by selling the car vs. the amount you owed--the law does not let them get paid twice, once by you and once by the buyer, for the same thing--but if that does not fully cover what you owed for the vehicle (based on its then-current fair market or " blue book" value), you have to pay the difference. Example: say the car was worth $16,000 at the time you wrecked it. Say it was sold for essentially salvage value for $3,000; they can get $13,000 (the difference between its value when you wrecked it, and what they received by selling it for salvage) from you.

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