what could happen??

[worried1983]

i bought a car about 4 years ago and after i had it for a few months i coudnt keep up with the payments. soo i decided to sell it. i saw an ad in the newspaper and i called up they gave me $500 and gave the car to somebody who suppose to keep on paying and then go to the bank to put his name on the car. but he never did. i gave the bank a copy of all of the guys information. his social, his id, his address everything. but i dont know what happen i guess they didnt get the car back because the are calling me up that i owe them $17,000. i dont wanna pay for something that i dont have what can happen to me???

 

[tpajet]

You needed to contact your bank when this was done, and give them that info then.

Hopefully you have paperwork where this was all done. You will probably end up in court if the bank won't go after the person who bought the car. So that is the time to show where you sold the car in a take over payments deal.

 

[LegalGeek]

You have to inform the bank of the arrangement you made with the other person. It would also be an advantage to hire a lawyer to help you with the mess.