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Can I be held liable for a auto loan contract if the finance…

Can I be held...

Can I be held liable for a auto loan contract if the finance co.can't get the title to the auto due to fraud committed by the dealer?

Lawyer's Assistant: What state is this in? And how old is the car?

State of arizona vehicle is 7 years old

Lawyer's Assistant: Has anything been filed or reported?

Yes

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Answered in 2 minutes by:
7/7/2017
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 43,101
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

You may also be offered a phone call, but those don’t come from me and are offered by the website and you are under no obligation to accept.

.

Do you actually have use and possession of the vehicle?

.

Did the seller register the car in your name?

.

.

thanks

Barrister

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Customer reply replied 1 year ago
temp registration has expired and was not in my name
and is in my garage.

.Ok, if you have the vehicle in your possession, you owe the finance company for it. The purchase contract and financing contract are two separate contracts that arent' dependent on each other... The purchase contract states that you are buying X car for $XXX... The financing contract says how you have to pay for it..

.

So if the finance company can't get the title from the seller, that is their problem to deal with the seller over in court if necessary.

.

But if you have the car, and are able to use it, then you are bound to pay the finance company for it.

.

If the seller can't get the car in your name, then that is something you could sue them for under a breach of contract action. You could get a judgment against them for whatever you owed the finance company and then would return the car to the seller, they pay the finance company, and everyone walks away..

.

.

thanks

Barrister

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Customer reply replied 1 year ago
I am unable to use the vehicle because the title is in the dealer's name and they are out of business
the finance co. filed fraud complaint but i did not

Ok, then if they went out of business, and the vehicle is still in the dealer's name, then the finance company can't hold you liable for the debt because you never became the legal owner of the car. The contract was presumably made for you to purchase the car and if you aren't listed on the title as the owner and can't get it registered to use, then the loan falls through because the dealer didn't deliver. The lender should have refused to fund the loan until they got the title and if they failed to do so, that is up to them to take up with the dealer.

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You would have to surrender the vehicle to the finance company if they requested it though because if they paid the dealer and they went out of business, the car is technically still an asset of the dealer if it is in their name and the lender can go after them in court to get repaid or at least get the vehicle transferred to them so they can sell it or even sell it back to you again if you were willing to reinstate the loan..

Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 43,101
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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Customer reply replied 1 year ago
thank you for your help in this matter
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