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Infolawyer
Infolawyer, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 6867
Experience:  Licensed attorney helping individuals and businesses.
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I am underwater on a car loan by 10,000. actually 13,000

Customer Question

I am underwater on a car loan by 10,000. actually 13,000 because I had to borrow $ when the car broke down in a parking lot and I had to have it towed to a shop to be repaired. The bank repossessed the car yesterday. I tried to trade in the car but 2 dealerships refused to take it in because of the value that they said was $1200. and $2200. respectively. What do I do?
JA: Can you tell me what state this is in? And do you know who owns the lot?
Customer: North Carolina. Do you mean who towed the repossession?
JA: Has anything been filed or reported?
Customer: No
JA: Anything else you want the lawyer to know before I connect you?
Customer: I believe I was taken advantage of by the dealership who sold me a vehicle priced way over its worth, sold me a life ins. policy on it, and a service contract that was $2500.
Submitted: 11 months ago.
Category: Consumer Protection Law
Expert:  KnowYourRights replied 11 months ago.

Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

Expert:  KnowYourRights replied 11 months ago.

I am sorry to hear about what you are going through. If the car was repossessed, then it will be sold at auction. The finance company can then decide if they want to go after you for any deficiency which is owed. At that point, you can try and settle with them or else they will sue you and obtain a judgment. Any legal action would have to be taken against the dealer, if you believe there to be a valid cause of action. As a consumer, it is always important to perform your due diligence and research the value of a car before agreeing to buy it. Vehicles rarely hold their value, so I am not surprised that you owe more then what it is worth but the difference between the two prices is way off.

Expert:  KnowYourRights replied 11 months ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!