Consumer Protection Law
Consumer Protection Law Questions? Ask a Lawyer Now.
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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.
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!