Legal Question in Business Law in Kentucky

repossesion laws

I had my car repossed last year. They wrecked the car after they took possesion of it. They called me and asked why i couldn,t pay for the car. I explained my wife lost her job and i wasn't getting enough miles in on my job. I asked them to refinance the loan for a longer period of time, they said they weren't that kind of finance co. They said they would defer 2 mth,s pymnts. By the time they got it done i was 2 mnths behind again. We tried to continue to make payments but they went ahead and repossed it. When I talk to them on the phone they said and i quote '' well you know all we are going to do is put it in some auction, and all we'll get is 3 or 4 thousands dollars for it, and you will be responsible for the rest. which was about 8,000 thousand dollars. That does not seem like a reasonable effort to get what the car was worth. How can i be responsible for something i have no legal deed to. It seems to me that when they repossed it, that it became their responsibility to get what was left owed on the car, because i had no legal ownership of the car anymore. can you help me?


Asked on 7/10/04, 11:14 am

1 Answer from Attorneys
Philip Owens Philip M. Owens, Attorney at Law

Re: repossesion laws

First, you are responsible for paying the entire amount of the loan. The auction method used is acceptable and yes, you will owe the balance. I am somewhat concerned that you say that the car was in an accident after it was in the possession of the finance company. What happened to your insurance or was there a claim made?

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Answered on 7/11/04, 6:10 am


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