I lost my job because I was sick, I told the car company that I was not able to make the payments and asked them to come and get the car. They told me that they did not want the car but they wanted their money. The car was about 6500 when i brought it and now they say that i owe
12,000 and i told them that i am still not working and have no income but they still refuse to come and get the car. What are my options?
Intellectual Property Law Attorney
Yes, unless you had a contact that requires them to take back the car, which you don't. Options: pay or have your credit ruined for years or go bankrupt.
I am not your lawyer and you are not my client. Free advice here is without recourse and any reliance thereupon is at your sole risk. This is done without compensation as a free public service. I am licensed in IL, MO, TX and I am a Reg. Pat. Atty. so advice in any other jurisdiction is strictly general advice and should be confirmed with an attorney licensed in that jurisdiction.
Landlord / Tenant Lawyer
Yes, generally a dealer can refuse to take back a car. The right to repossession of their security (collateral) is a right, not a duty. Moreover, if you owe a lot more than the car is worth, the repossession of the car wouldn't satisfy the debt.
An attorney skilled in representing debtors may be able to help you negotiate a settlement, especially if the debt may force you into bankruptcy.
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