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Lucy, Esq.
Lucy, Esq., Attorney
Category: Legal
Satisfied Customers: 29799
Experience:  Lawyer
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My husband and I purchased a vehicle while I was employed. I

Customer Question

hello! My husband and I purchased a vehicle while I was employed. I became unemployed about a year later! When we realized we were not and would not be able to make the notes, we called the company and asked them to pick up the vehicle! They sold it but now they want us to pay the remainder of what they were unable to recover in the sale. Is this legal and enforceable?
JA: What state is this in? And how old is the car?
Customer: Virginia and it was a 2014 Toyota Camry
JA: Has anything been filed or reported?
Customer: Not sure what you mean by filed???
JA: Anything else you want the lawyer to know before I connect you?
Customer: Nothing I can think of
Submitted: 1 month ago.
Category: Legal
Expert:  Lucy, Esq. replied 1 month ago.

Hi,

I'm Lucy, and I'd be happy to answer your questions today. I'm sorry to hear that this happened.

When you sign a contract to purchase a car, that's a promise to pay the full sales price with the interest. A used car is almost never going to sell for as much as the new car did. Most of the time, when a car is repossessed, the sale doesn't cover the full balance due on the loan. The borrower unfortunately does remain liable for that balance. The only exception is if your contract says repossession is their "exclusive remedy" in the event of default.

I apologize that this was probably not the Answer you were hoping to receive. However, it would be unfair to you and unprofessional of me were I to provide you with anything less than truthful and honest information. I hope you understand. Please rate my answer positively to ensure I am paid for the time I spent answering your question. If you are on a mobile device, you may need to scroll to the right. Thank you.

Good luck.

Expert:  Lucy, Esq. replied 1 month ago.

Do you have any questions about this?

Customer: replied 1 month ago.
This was not an exact repossession because we called them and asked them to pick up the vehicle since we realized we were unable to pay! Of course you're not able to afford without being employed. Does that make this a legal issue as the contract speaks to a legal issue as being one way out of the contract. And, if it is how and what needs to happen to verify that it is.
Still in Virginia
Carleen Bridges
Expert:  Lucy, Esq. replied 1 month ago.

Asking them to come pick up the vehicle is a voluntary repossession. It unfortunately doesn't relieve you of the obligation to pay the remaining loan balance unless the bank signed something that said they were forgiving the remaining balance.

Expert:  Lucy, Esq. replied 1 month ago.

Please rate my answer positively to ensure I get credit for the time I spend helping. If you are on a mobile device, you may need to scroll to the right. Thank you.

Customer: replied 1 month ago.
Although it was not what I wanted to hear you advised me concerning my questions and you did it in a prompt manner! One last question, if I may? What would constitute this being a legal matter? Thank you for your time.
Expert:  Lucy, Esq. replied 1 month ago.

It's a legal matter because you signed a contract asking them to finance the sale of the car. They're allowed to enforce the terms at any time before the statute of limitations expires. In Virginia, that's 5 years from the date you stopped making payments.