A Possible Suit Filed For $5000 Owed On A Car? I Have No Money - What To Do?
The car was bought two years ago through a "friend" who offered to buy it, and let me buy it through him, by sending him the payments. So, I never signed a paper with the car dealership, but I can't remember if I signed a paper with him. I could not finish the payments, had a wreck in the car, which he did not claim on his insurance, and then he went bankrupt. The last I saw a correspondence, his lawyer said we had 15 days to respond to a request to settle a payment plan on the $5000.
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Did you have the car registered in your name? Did your friend sign a release of liability on the car with you named as the person or persons the car was released to? If so then get ready to pay, either the small amount of 5000 or possibly more fighting it. If however your friend was the only buyer of the vehicle and you did not sign any papers for the payments of the vehicle, then give it back to the financing party so they can have their security back on the loan they extended for the car and wash your hands of it. The bankruptcy of your friend washed his hands of it, now they are just going out on a limb in an effort to recover some of their losses on the loan by pressuring you to pay. While paying on your part might be the moral high ground on the situation, you are not bound by any legal contracts I can think of so take the business savvy high ground and tell the finance company to go fly a kite.
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