Legal Question in Banking Law in Georgia
Auto Finance
How can a bank finance a used car for twice the value, then turn around 4 months later and tell you they will not refinance because you owe more than the car is worth even when you have money to put down?
Asked on 4/20/09, 11:42 am
1 Answer from Attorneys
Scott Riddle
Law Office of Scott B. Riddle, LLC
Re: Auto Finance
They financed the amount you agreed to borrow and pay back, which may or may not be the same as value of the vehicle. The value of the vehicle and price you were paying, including finance charges, should have been considered and understood by you prior to you signing the loan agreement and contracts.
Answered on 4/20/09, 11:45 am
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