Legal Question in Credit and Debt Law in California
Repossesion, even with a Pink Slip?
My parents purchased a car for me on their credit. I payed all of the car notes. The car was on a five year contract, however about two years ago my parents tried to refinance it. It did not go through, but we ended up with the pink slip anyway. My dad gave me a years worth of payments to make on the car to bring the contract down to four years. In November, the car was technically payed for, yet the bank says they have no record of the year's woth of payments. I have had the pink slip for almost two years, but continued to pay my car note anyway. Can the bank that financed the car still repossess it? If not, do I still owe the remaining year on the car note? Please help!
1 Answer from Attorneys
Re: Repossesion, even with a Pink Slip?
The fact that they do not have posession of the pink slip does not mean that they do not have title to the car. If they are still showing as the lienholder on the car, and have not signed it over to you, then yes they could still repossess.
The answer to your other question is that, hopefully, you have documentation that the extra years payment was made (cancelled check, payment receipt). The burden of proof that you made the payment and that they received the funds is on you.
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