by fireyone » Sat Feb 07, 2009 01:42 am
I heard on the news the other night that a lot of auto dealerships are going out of business. I imagine some can not stay afloat in these economic times.
What really baffled me is when the reporter said that people who traded in cars can be reponsible for the remainer of what was owed if the car was not sold off before the lot closed. This meaning what ever amount they owed on the vehicle when it was traded could still be owed by them. Am I misunderstanding this or is the person really responsible for the vehicle if it is not sold before the dealership closes?
What really baffled me is when the reporter said that people who traded in cars can be reponsible for the remainer of what was owed if the car was not sold off before the lot closed. This meaning what ever amount they owed on the vehicle when it was traded could still be owed by them. Am I misunderstanding this or is the person really responsible for the vehicle if it is not sold before the dealership closes?
Posted: Sat Feb 07, 2009 01:52 pm Post Subject:
I guess technically they (the note signer) could be held to the contract...but the lein holder would have a heck of a time getting it...the poor consumer that traded their vehicle in good faith would have the paper work showing this (now) defunked dealership agreed to pay the note.
Posted: Sat Feb 07, 2009 10:15 pm Post Subject:
Wow what a nightmare that would be. Imagine walking away thinking it was paid and done with and you had your new wheels only to deal with this...
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