What can the lender do on car repossession situation?
I took out auto loans sometimes early last year and a few months after I took out the loan I rent the car for someone for a fee. And now I have been behind months with my car loan and the lender have process with repossession which I do not have the car at my possession. The contract between me and the renter will expire in 2 month but right now I believe the lender hire a PI to find out where the car is. What is my legal options? and what would be the predicament I’m in? and what can the lender do or can’t do include their PI.
Thank you.
You cannot “rent” out the car to someone else without the lien holders permission. They own the car,you do not. The rental contract you have means nothing. They will come and take the car. You will pay for the PI’s expense to find it so you might as well just tell them where it is.
If you rented the car out for a fee,why weren’t you paying the loan?
When they repossess the car,you will be responsible for all expenses. If they sell the car,you will still be responsible for the total loan amount minus what they sold it for.
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