Legal Question in Credit and Debt Law in Virginia
I financed a vehicle ,paid way to much in high interests for 7 years. Recently my wife got sick with cancer, we couldn't make the payements so they wrote the remaining balance off as a bad debt, can they retain possession of the vehicle title or do they have to give it to us?
1 Answer from Attorneys
Probably, depends upon the terms of your loan agreement
with this particular lender. Merely, because this lender may have "charged off"
the remaining balance on your auto loan, which is merely an accounting maneuver in terms of the company's books detailing assets vs. liabilities, it in no way signifies that you have fully complied with the terms of the original loan and
are therefore necessarily now entitled to have the title to this vehicle delivered to you by this lender.
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