Legal Question in Business Law in New York

i used my vehicle as a trade in to purchase a new vehicle, the trade in was being used as collateral for a 7500 personal loan, the trade in is fully paid for and was worth 1200, is that okay


Asked on 5/12/15, 11:13 am

2 Answers from Attorneys
David Slater David P. Slater, Esq.

Without reading the paperwork it is hard to answer. Did you give & get title?

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Answered on 5/12/15, 11:59 am
Walter LeVine Walter D. LeVine, Esq.

My questions are: Did you have permission from the lender to do the transaction and Did you substitute the new vehicle as the collateral? It would seem if both answers are "no", that you may have caused a default in the loan.

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Answered on 5/13/15, 11:50 am


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