Legal Question in Credit and Debt Law in Illinois

I did not finish paying my down payment on my car. The contract is signed and Ive had the car for about 6months now. Could the dealearship take the car back?


Asked on 4/04/11, 7:13 am

1 Answer from Attorneys
Stephen Messutta

Depends who the lender is today. Most dealers write the loan for the real lender and if the lender accepts the loan, the dealer is paid and is out of the picture unless there was some hanky panky between the dealer and the lender. Assuming there wasn't any, you have to look at the loan papers and all the ones I've seen let the lender "repo" on default (usually with some kind of notice). You have to look at the loan papers, and if you can't understand them take them to an attorney to review for you.

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Answered on 4/04/11, 8:22 am


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