I stated making payments on a car. I paid 1,000 and stillowe 2,000. On the 16th day after I got it, the car blew up (fire, everything.) Do I owe the remaining 2 grand? From a private dealer.

Quote:

---

Originally Posted by sarad77

I stated making payments on a car. I paid 1,000 and stillowe 2,000. On the 16th day after I got it, the car blew up (fire, everything.) Do I owe the remaining 2 grand? from a private dealer.

---

Um... YEAH! Obviously you still owe it all. Expect to be sued if you don't pay it.

Yes, I assume since there was a loan, you had full coverage insurance. So you turn it over to your insurance company.

And, if the insurance doesn't cover the remaining balance you will owe that.

I agree with these 3 gentlemen but wonder what is a private dealer and who are you paying the money to?

Guess I should not "assume" anything, but I guessed it was either a private person, or a buy here/ pay here dealer.

Quote:

---

Originally Posted by Fr_Chuck

Guess I should not "assume" anything, but I guessed it was either a private person, or a buy here/ pay here dealer.

---

Likely right... around here they have weekly payments... because to reposess they need to be 4 payments in arrears in VA. These are people that no other place will loan money to because they think they should pay when they feel like it, or if they have enough money left after their other luxuries. They pay far higher rates and prices since so many people think they don't have to maintain the car or don't have to pay if it stops working. And a $3,000 private dealer car... is likely to be a POS. Around here it would be anyway. Anything that passes emissions here is worth $2,500.