Q: I financed a Nissan Altima in 2016. The car was repossessed & sold in Nov of 2016 yet I am still paying car notes. Help?
I financed the car from a Nissan dealership. i was late on three payments before the car was repossessed and sold. I was told I could pay the full car amount, give the car up, or it would be repossessed. I took the car back up to the dealership due to me not wanting the car to be repossessed. Once I returned the car, the car was sold in an auction for $3000. This was November and December of 2016 and I am still paying car notes today for a car that's no longer in my possession. I have over $9k left over. I would like to know if this is legal?
A: It is probably legal, yes. You need to have a local lawyer look into this for you, but even though you returned the car, you are still liable for the deficiency balance owed after the car is sold and the proceeds applied. You might look into whether the car was sold for more or less than the statutory balance required at a sale. If it was sold for less, you might be able to attack the sale and Forde them to resolve it.
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