Legal Question in Credit and Debt Law in Missouri
Due to my adverse credit scores, I purchased an automobile from a local used car dealer who financed the vehicle for a period of time (6 mos.) then the loan was taken over by a lender. Shortly after my loan was transfered, the vehicle's engine stopped operating and the diagnosis was a very large repair bill which is exactly what the car is worth. Am I liable for continuing to pay for the automobile loan? It was at $2,600 and now has accrued interest, which totals over $3,000.
1 Answer from Attorneys
Under the facts you have described, I see nothing that would excuse the loan obligation. If the vehciel wa under waranty when it broke doewn, then the buyer may be excused from or credited for the amount owed. Otherwise, it appears that the loan will continue to accrue interest and be owed. There may be facts, you did nto mention, that might cahnge that analysis. Therefore, you shoudl consult direclty with a cvil practice attorney in your area. Many offer a free or low cost initial consultaiton. Take all your paperwork to them, and be available for follow-up their questions.
Good luck
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