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We signed truck loan son and with a job loss

Customer Question
we signed for a truck...
we signed for a truck loan for our son and with a job loss is got behind but my husband called an talked an said he could make 1 payment now and would soon be making the others up. but when the lady ask who drives the truck and my husband told he our son and he makes the payments & pays the insurance. she still said no problem 2 days later them picked up the trucked saying it is a 3rd party loan we are the only ones on the. now te want the full amount of the loan or the will auctions it off and we will still owe the balance. for 2 years our son has paid them the payments they didn't care then that it was a 3rd party what every that means to them I think SHE is just been MEAN.
Submitted: 2 years ago.Category: Legal
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5/30/2015
Lawyer: Alex J. Esq., Attorney at Law replied 2 years ago
Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Legal
Satisfied Customers: 16,723
Experience: Experienced Licensed Attorney
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Hello. My name is ***** ***** I will be happy to answer your question.
I am very sorry to hear about this unfortunate situation.
What is your legal question for me please?
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Customer reply replied 2 years ago
DO THEY HAVE THE LEGAL RIGHT TO DO THIS WHEN THIS LOAN IS IN OUR NAME ONLY \. WHY CAN,T WE GO GET OUR TRUCK AND PAY THE PAYMENTS LIKES EVERYONE ELSE. THIS IS THE FRIST TIME WE HAVE BEEN LATE NOW THEY WANT THE FULL AMOUNT OF $21,000.00 BECUSE OF A 3RD PARTY LOAD, OUR SON DRIVEN THE TRUCK & PAYING THE PAYMENTS
Lawyer: Alex J. Esq., Attorney at Law replied 2 years ago
Thank you for your follow up.
While I cannot comment on your specific case, unfortunately, most car loan agreement do contain an "acceleration clause" which allows auto finance company to repossess the vehicle if the loan becomes delinquent and to demand a payment of the entire outstanding balance and if the borrowers do not provide the payment of the full balance, then the vehicle would be sold at an auction and the borrowers might be liable for any outstanding balances once the proceeds of the vehicle sale are applied to the outstanding loan balance and any other charges.
Unfortunately, it is legal for the auto finance companies to demand a repayment of the entire loan after the repossession and the only option would be to pay off the loan or to refinance the loan, so the vehicle can be retrieved.
I am very sorry to provide you with this bad news, but please understand that I do have professional obligation to provide JustAnswer.com customers with correct answers, even when answer is not favorable to the customer.
I wish you the best of luck and God bless you!
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Lawyer: Alex J. Esq., Attorney at Law replied 2 years ago
Do you have any related follow up questions?
If not, please positively rate and accept my answer, so I can be compensated for my work.
Thank you.
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Alex J. Esq.
Alex J. Esq.
Alex J. Esq., Attorney at Law
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