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I have a in-house financed vehicle, the company went out of…

Hi! I have a...
Hi! I have a in-house financed vehicle, the company went out of business 07/2017 I havn't heard from them or either do I know where to start looking for them(website has been taken down, lot sold and phone number disconnected) . Can someone tell me what my next step should be the last payment was made 08/2017 on their website.
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Answered in 13 hours by:
3/14/2018
Troy Gorman
Category: Legal
Satisfied Customers: 8
Experience: Attorney at Gorman Law Group, P.C.
Verified

Hello, it sounds as if the dealership that sold you the vehicle, also financed the vehicle. If the dealership went out of business, it is possible that they went through "bankruptcy" or owed debts to other banks, businesses, or individuals. If that is the case, then it is possible that the loan that you have with the dealership could be assigned to one of these entities giving them the right to collect the payments that you owe. However, if the loan was never properly recorded, or the debt is or was never assigned to another person, and the dealership has not contacted you to tell you where to send the payments, then you may have just had the remaining loan essentially "forgiven" by the lender. I would recommend that you put the payments in a separate account (escrow account) and wait to see if you hear from the dealership owner or someone the loan was assigned to. That way, if you are contacted, you will be able to pay the back payments to avoid the vehicle being repossessed. If after several years you do not hear from anyone regarding the loan (generally 6 years statute of limitation), they will not be able to collect any further money from you and you can have their lien removed from the title of the vehicle. I hope I have answered your questions, and that it is sufficient to warrant an good rating from you. Please feel free to let me know if you have any other questions.

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Customer reply replied 4 months ago
Thanks for the reply, I was wondering also if there is anything I can do to release my responsibility to the vehicle; at the moment I live in a apartment and have pretty much gave up on the car. It does not have insurance so I havn't driven it in quite sometime, eventually I will need to have the vehicle moved before it gets towed.

If the dealership is not on the title, you could try to sell it. If the dealership is listed on the title, then you will have trouble transferring the title without a release from them. You could file a claim with the DMV and allege that the lien holder (dealership) has abandoned its claim, and request that it be removed from the title. They can investigate your claim, and can remove them from the title if they find they have abandoned the lien. If not, you may have to file a lawsuit to have the title cleared. If the vehicle does not run, and you sell it or give it to a junk yard, they may not be concerned about the status of the lien, but will have you sign a waiver that you will indemnify them if the dealership comes looking for it. This is an odd situation you are in! I hope I have answered your question and that you can give me a good rating. I wish you luck!

Troy T. Gorman, Esq.

Troy Gorman
Category: Legal
Satisfied Customers: 8
Experience: Attorney at Gorman Law Group, P.C.
Verified
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