Legal Question in Business Law in Georgia

Re: car loan

It depends. The car is collateral for the loan. Depending on your local laws, and the terms of the contract, the lender may be limited to the car only as repayment of the loan. This is called "election of remedies". The lender has elected as his remedy to take the car instead of the cash.

Also, you may be able to deduct the value of the car from your outstanding loan amount so you would only be liable for the excess.

Re: car loan

Read the contract you signed. You have to pay, just like everyone else, because you signed a contract promising to pay. That should have been understood before signing the contract and taking the car.