Legal Question in Credit and Debt Law in Georgia

Do you mean you purchased a Corvette? Was it purchased in Georgia or somewhere else? Was it bought new or used? From a dealer or private party? The bank is not responsible if the car is a lemon. As between you and the bank, you are liable to pay for the car.

If the car was bought used, then you only get whatever warranties the seller provided. If the car was sold "as is" or "with all faults" then the car has no warranty and any problems are your responsibility. If the car was purchased new, then you have rights under the lemon law but it would depend on where the car was purchased. Each state has their own variants of the lemon law. To avail yourself of these rights, you cannot simply stop paying the lender.

You do not call and ask the bank to repo a vehicle because its a "lemon."

You have handled this poorly up until now but it appears that the lender chooses not to repossess the vehicle. That is their right. The problem is that there will still be a lien on the title and you will not be able to sell the car. However, the bank can still sue on the car note. And if they recover a judgment, they will then be able to garnish your wages, levy your bank account or seize any assets owned free and clear.

The good news (to the extent there is any good news here) is that the statute of limitations, if this is a debt in Georgia, seems to have expired.

Your options at this point are:

(1) if the bank sues you, get a lawyer to file a proper answer asserting the statute of limitations and see if the lawsuit can be dismissed on this ground;

(2) if there is no statute of limitations defense, debts can be settled. How much is owed? How much, if anything can you afford to pay? The lender may be very amenable to settlement because so much time has elapsed.

(3) If there are no statute of limitations or other defenses and you cannot settle, then consider filing for bankruptcy.

The worst move you could have made would have been if they HAD picked up the vehicle. That's a repossession, and you would have been sued at that time for the balance after they sold the car. So you lucked out and got to use the vehicle for years. That doesn't mean you don't owe the debt., and assuming they are within the statute of limitations (and we need more information to know that), either you will lose the suit or have a legal defense. Either way you need to see a lawyer.