Q: Hi, we are a used car dealer who sold our 'buy here-pay here' accounts to a larger finance company.
One of those accounts has filed bankruptcy and now the finance company wants us to 'buy back' the account in accordance with the terms of the contract, in which, if a customer becomes 20 days past due on their account within 60 days of the purchase of all of our deals, we are required to re-purchase. But once we do that we cannot collect because that person has filed bankruptcy! Are we required to buy the deal back now that it is in bankruptcy?
A: You are not going to get the specifically tailored legal advice that you need for free on the internet. You are a company, the attorneys fees you incur is a business expense. Go see your attorney. Every business should have a local attorney to speak with when legal problems arise.
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