Legal Question in Business Law in Maryland
i took out a loan the loan was secure by my car the company later claim they couldnt secure it because the title i gave them is voided now company is threaten to repo my car if i dont supply another title in which i dont have is this legal i live in marland and all payments are current
Asked on 4/21/10, 4:43 pm
1 Answer from Attorneys
Robert Sher
Wagshal and Sher
If you provided an invalid title you have failed to live up to the terms of the loan agreement, so they have every right to call the loan, even though you are current on payments. If you were to go into default, the lender would have no ability to protect its interests by repossessing and selling the car. Besides, without valid title you can't sell or trade in the car. So you need to get a good title for your own benefit.
Answered on 5/03/10, 11:09 am
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