Legal Question in Credit and Debt Law in South Carolina

Default

I have sold a automobile financed through a secured loan. I do not have the funds to pay off the entire balance. The

bank, by mistake allowed me to keep the title, and because

of financial difficulties, I sold the auto and used part of

the funds to pay back payments on my mortgage. What recourse

does the bank have against me, and what is the best way to

correct this problem.

Thanks


Asked on 10/14/02, 1:08 pm

1 Answer from Attorneys
Otto Ferrene, jr. Ferrene & Associates, PA

Re: Default

You should go to a lawyer and see if he can negotiate a partial payoff of the remaining amount owed upon the car and a personal note for the balance.

I don't understand how you got the clean title to pass on to your buyer. You should not be trying to negotiate this matter on your own.

You did not deal with the bank in good faith.

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Answered on 10/15/02, 9:00 am


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