Quote:
Originally Posted by bagofpucks
Thanks all for the additional information!
Interestingly, the debt is with a bank and they have said they will be coming for the full amount. The person who picked up the vehicle said they didn’t have to worry due to the sue or seize rules. So, they are getting a lot of conflicting and bad information and frankly they aren’t the best listeners or readers when it comes to details. They also have a lawyer friend looking into the contract and he has given them some false hope I think.
Crazy enough, they’ve already been back to another dealership and are back financing a used vehicle, so I can only imagine what their interest rate would be.
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If it was just a straight line of credit with the bank then they wouldn't be a able to repossess without security. Pretty sure the seizure or sue rules would apply as it will fall under the PPSA.
I don't get how they couldn't find a way to make a few more payments on the car but can make payments on the new car?