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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 113385
Experience:  Attorney experienced in commercial litigation.
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I have a recurring CarMax draft to one of my bank accounts.

Customer Question

I have a recurring CarMax draft to one of my bank accounts. This is for my ex-friend's car, her name on title. She faces 5 years in jail starting now. I don't want the car or the payments. BB&T refuses to stop payments ($445 a month), saying only CarMax
can authorize that. I am not paying any more. What do you advise?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Did you sign a contract agreeing to the withdrawals? Are you on the loan as a party to the loan?
Customer: replied 1 year ago.
But don't know where the car is and she is in jail. I won't keep paying
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your reply.
Unfortunately, you have a problem. If your name is ***** ***** loan you are liable for the payments even if you do not know where the car is. You need to either find out where the car is from her so you can recover the car and sell it, but if you are on the loan the lender will pursue you for the loan if you are on the loan and will sue you whether you can find the car or not. You can report the car stolen if your friend does not know where it is, but you need to find out from your friend. You can also eventually sue your friend for the money this cost you and seek to recover it from them eventually when they get out of jail if she ever has any type of assets to repay you from.
If you try to close the bank account, the lender will keep charging and the bank will then have to make a decision as to how to charge you for the loan if your name is ***** ***** loan. The lender could also sue you for non payment on the loan if your name is ***** ***** loan.
If your name was not on the loan, then you could walk away from this and it would be no big deal and you could close the account and if the bank would not stop the deductions you could sue them in small claims to force them to do so, but you being on the loan is what is causing you the problem here.
Customer: replied 1 year ago.
She does not know where the car is. Can I really report it stolen even though I only signed for the loan? I do have the VIN number from the lender.
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your reply.
She is going to have to report it stolen and you can assist her, since her name is ***** ***** title. She is likely lying to you about not knowing where it is, but if she lies on the police report they will hit her with another charge and that is her problem.
Unfortunately, once you signed that loan for her you are liable for paying it so you need to report it stolen and have her report it to her insurer so you can get them to pay off so you are not liable any longer.