Legal Question in Civil Litigation in Illinois

In 2004 I bought a new truck. ( Avalanche ) The company I work for bought the truck and did the payments and let me make smaller payments to them so I could afford to do it. The payments were done buy payroll deduction as loan repayment. I have the company records showing I have paid 22,500.00 so far. and still owe. I now own 52% of the truck. Last Oct 2009 I was laid off and told I have till Jan.1 2010 to pay them fair market value or turn in the truck. Question If I give them the truck back and the blue book price for the truck is say 9000 do they have to give me half of that value. 4500.00 and do I have the right to hold the truck til they pay it. The title is in there name but I do have the paper work showing I have been paying for it. And own 52% of it.


Asked on 12/17/09, 10:48 am

1 Answer from Attorneys
Adam S. Tracy Securities Compliance Group Ltd

Thank you for your question. There are a number of moving parts here, but, as far as I can tell, you would not necessarily be liable for the remaining balance on the truck - to the extent you didnt sign the note with the vehicle lender (if there is one). Thus, at a minimum, you either don't owe anything and can walk away, or, you have a case for contribution against your former employer. Let me know if you have any further questions, I would be more than happy to help you out. My email is [email protected].

Thanks

Adam Tracy

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Answered on 12/25/09, 12:43 pm


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