if I am buying a car from a dealership that does it's own financing and they go out of business what do you do.do I still have to pay ?
2007-07-01 11:55:44 · 7 answers · asked by honeypot0214 4 in Business & Finance ➔ Insurance
The money you owe is an account receivable to the dealership. Like as not, the accounts will be discounted. The thing you will need to remember is to keep the documents/letters you get so that your title will come to you when it's paid. Some states require that the entity that is taking the account receivable who will now be your lienholder get another title showing THEM as the lienholder. Failure to do this causes delays in getting your title which is probably sitting in some vault somewhere and will be lost in the shuffle. If you pay it off and don't keep up with who has your title, the hoops you will jump through to get it in 3-4 years will make you CRAZY! And just try to sell a car without a title!
2007-07-01 16:22:39 · answer #1 · answered by saurus3118 5 · 0⤊ 0⤋
If the dealer files For Bankruptcy or liquidates and you owe on the car, the car would be an asset to the courts and you would have to pay a trustee or some other financial institution who the debt was transfered too. No such thing as a "free" cigar! they say.
2007-07-01 12:13:01 · answer #2 · answered by DFK 3 · 1⤊ 0⤋
The link under is to the HMRC's unique fact of the stamp duty "holiday". no rely if or no longer you're accountable for stamp duty relies upon on the efficient date, that's often the crowning glory date. you haven't any longer executed till now 31/12/2009 consequently you will incredibly much actually be at risk of stamp duty. 6. The efficient date is often the date of entirety, no longer the date of substitute of contracts. although, the efficient date may well be till now than the date of entirety if the settlement is significantly accomplished, to illustrate, if the buyer takes possession or will pay the acquisition cost in strengthen of entirety.
2016-11-07 21:37:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I have had this happen. They will usually notify you of an address to send your payment in. The only other thing could be if you go to sell the car, you won't have title and it will show on at the d/l bureau that you owe a balance on this car.
2007-07-01 12:00:19 · answer #4 · answered by Loretta M 3 · 0⤊ 1⤋
Yes. The outstanding loan becomes an asset, which will probably be sold to the highest bidder.
2007-07-01 13:43:36 · answer #5 · answered by Anonymous 7 · 0⤊ 0⤋
Uh, yes, of course you still have to pay. The debt will be sold to someone. You should be notified where to send your payments.
2007-07-01 13:01:14 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
someone will buy the debt,you won't get a free car...
2007-07-01 11:59:27 · answer #7 · answered by Anonymous · 1⤊ 0⤋