When I lost my job, I could not make anymore car payments, so I the car people to go ahead and take it back, and they did. However they told me I still have to pay a remaining balance of $13000 on it and they sent it to a collection agency. Do I have to pay them, and how when I don't have anything.
Sincerely;
confused
Answer
There are a lot of factors that go into a contract when you purchase a vehicle. There is likely some langauge in your purchase contract that applies if you default on the loan (when you stop making payments for whatever reason). Often they can pursue you for any deficiency between the amount you purchased the car for, and what they were able to resell it for. You should have an experienced attorney look at your original purchase contract (and any other documentation they provided to you after the repossession) to determine whether the bank is within their rights to continue to pursue you after your repossession.
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