Legal Question in Credit and Debt Law in Georgia

car repoes

I had a car repoed in 1997, now the company i had sign the agreement with is now wonting me to pay for the remainder of the ballance, when they were the ones who took my car way from me because i was unable to make the car payments when i became un-employed,also they are treating to take me to court if i dont pay the amount of 5,000 toward the ballance. I need to know what can i do about this,and how they can or if make me pay for the car which they can and took which i was unable to pay for then as well as now.


Asked on 2/15/07, 10:18 am

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: car repoes

They want you to pay bcause you agreed to pay back the amount of the loan. When you get a loan, you are liable for the amount of the loan. The fact that they repossessed the vehicles does not mean you are not liable for the entire balance of the loan. That is not how secured loans work -- it is in the paperwork you sign and should read and understand. Since you may owe the debt (we cannot say for sure because we do not have all facts) -- the best option is take care of it. Perhaps they will accept payments in exchange for not reporting it on your credit. Either way, understand that this is how secured loans work before you agree to future loans.

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Answered on 2/15/07, 11:44 am


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