Legal Question in Civil Litigation in Massachusetts
My car was repossed
My car was repossed this year, the bank wants me too pay this $8,000.00. Lets start from the begining; I bourgh a car three years age for the sum of $16,000.00 with a finance charge of $4,000. interest total loan $20,000.00. I used my old car as a trade--in worth$2,500.00, now my new balance is $17,500.00. My payment were $300.00 per-month for 30 months equals $9,000.00.Now if we subtract this from the balance of $17,000.00=8,500.00. And the dealership sold my car for $8,000.00 which leaving a balance of $500.00, so why are the dealership suing me for $8,000.00, Is this legal if so why.
1 Answer from Attorneys
Re: My car was repossed
Unfortunateley, your calculations aren't relevant. The fact of the matter is that you borrowed money from a lender for purposes of buying a car, pursuant to which you signed a promissory note. According to you, the terms of that promissory note required you to re-pay $300 per month for 30 months. That is the bottom line. If you don't live up to that agreement, the lender has the right to repossess the car. End of story. What the auto dealer did or didn't do with your trade-in car is not relevant, whether they threw it on the scrap heap or they sold it for a million dollars.
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