I bought a used car from a dealer which he financed the vehicle. Sticker price was $5999, after taxes and other fees , total came to $6742.42. I put down $2200 and financed $4542.42. I was to make 16 payments of $336.74. Interest rate is 24.99%. Well , after buying it, 2 months later I had to have the transmission rebuilt ($1300). I know that I am responsible because I bought it "as is". Anyway, I have made 6 payments on it so far. Due to the high cost of the repair, I fell one month behind. This dealer came and repo'd my car for late payment. Now he says I have to pay it off in full to get it back. Is this legal for him to do this? And can someone tell me what my payoff at this point should be? PLEASE HELP!!!
Folks who regularly deal in auto fraud, like my firm, will likely give you a free document review. Based on what you have stated:
1- Dealer financed you, so, dealer is likely a buy here pay here dealer and as of Jan 1 needs to give you a warranty. Failure to do so could really hurt dealer here.
2- After the repo they can only ask you to pay in full IF certain things happened prior, like multiple repos or you hiding the car from them. Otherwise, they can be in trouble for doing this too.
You should look for a firm who specializes in this area of law to get help right away.