If I purchased a car and turned it back in less than 6 months, what is my financial responsibility? 7 Answers as of November 07, 2013

I'm being told I have to pay the entire amount owed on the car. Is this negotiable? I'm trying to get my credit in good standing. Thank you for your help!

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Stephens Gourley & Bywater | David A. Stephens
When you return a car the bank is supposed to sell it and credit the sums received from the sale to the loan. You would owe the balance after the credit of the value of the sale.
Answer Applies to: Nevada
Replied: 11/7/2013
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
They will sell it at auction and then you will owe the difference from what you borrowed to what it sells at
Answer Applies to: New York
Replied: 11/7/2013
Couch Law, PLLC
Couch Law, PLLC | SPENCER M COUCH
You are responsible for the entire value of the vehicle. However, the balance will be offset by the sale of the vehicle to another party. There may be fees associated with that sale, which will be deducted from the sale proceeds, but the remainder of the sale proceeds will be applied to the balance that you owe.
Answer Applies to: Utah
Replied: 11/7/2013
Law Office of Richard Winkler | Richard Winkler
You are obligated ot the legal documents you signed. They are negotiable if the other party agrees to negotiate them. You can't sign legal documents, change your mind, and then expect no legal obligation on your part.
Answer Applies to: Rhode Island
Replied: 11/7/2013
SmithMarco, P.C.
SmithMarco, P.C. | Larry P. Smith
If you financed the vehicle, you are responsible for the amount of the entire contract. Larry P. Smith Attorney at Law SmithMarco, P.C. 205 North Michigan Avenue, Suite 2940 Chicago, IL 60601 Direct Dial: (312) 324-3532 Toll Free: (888) 822-1777 (x811) Facsimile: (888) 418-1277 E-Mail: lsmith@smithmarco.com Web: www.SmithMarco.com [Description: Description: Description: Description: Description: T:\LS Shared\Admin\Email Signatures\Icons for Email Signatures\PCR_Logo_Blue&Gold_filled.jpg] [Description: Description: Description: Description: Description: \\sdcavm320-ut01\home\dmarco_LPS\My Documents\My Pictures\Facebook for Email 2.png] [Description: Description: Description: Description: Description: \\sdcavm320-ut01\home\dmarco_LPS\My Documents\My Pictures\Twitter for Email.png] [Description: Description: Description: Description: Description: \\sdcavm320-ut01\home\dmarco_LPS\My Documents\My Pictures\LinkedIn for Email.gif] General Notice: This communication may contain information that is privileged, confidential and/or exempt from disclosure under applicable law, including but not limited to the Electronic Communications Privacy Act, 18 USC 2510-2521, the attorney-client privilege, or the attorney work product doctrine. Any dissemination, distribution, copying, or use of this communication by or to anyone other than the designated and intended recipient named above is unauthorized and is strictly prohibited. If you are not the intended recipient named above, please delete and/or destroy this communication immediately. Thank you. Statement Required by U.S. Treasury Department: The U.S. Treasury Department requires us to inform you that, if any advice concerning one or more U.S. Federal tax issues is contained in this communication (including any attachments), such advice is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. From: Question From LawQA [mailto:questions@lawqa.com] Sent: Tuesday, November 05, 2013 8:21 AM To: Larry Smith Subject: Question From LawQA ID:150229 ANSWER A QUESTION THAT WILL BE DISPLAYED ON ILLINOIS DEBT RESOLUTION WEBSITES ON THE LAWQA NETWORK. LAW AREA: DEBT RESOLUTION STATE: ILLINOIS ID:150229 Question: If I purchased a car and turned it back in less than 6 months, what is my financial responsibility? Question Detail: I'm being told I have to pay the entire amount owed on the car. Is this negotiable? I'm trying to get my credit in good standing. Thank you for your help! *********************************** To answer this question, please just reply to this email. The original content and subject should not be modified, otherwise your answer will not be valid. If you wish to no longer receive emails from LawQA, please send an email to unsubscribe@lawqa.com with a subject of LawQA Email Unsubscribe.
Answer Applies to: Illinois
Replied: 11/7/2013
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    Your liability is the full amount owed on the car less what it was sold for.
    Answer Applies to: Michigan
    Replied: 11/7/2013
    Edelman, Combs, Latturner & Goodwin, LLC | Daniel A. Edelman
    Anything is negotiable, but if the car was turned back without being paid off, you owe any balance remaining IF they complied with the UCC regarding proper notice and commercially reasonable disposition of collateral. In order to determine whether that was done, you need to show the contract, any notices, and any accounting of the disposition to an attorney.
    Answer Applies to: Illinois
    Replied: 11/7/2013
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