Paying off a loan after car problems

External Since: Mar 06, 2006 Posts: 1

I have a relative who is just about the most decent guy you could ever
meet. He recently has had a bit of bad luck. A car that he bought
(not new, but close) for a great deal of money, and which he got a loan
to buy, has turned out to be almost totally worthless after a very
short period of time. He is now in a position where he needs to buy a
new car but he still has a full(ish) loan to pay off.

Any advice out there as to what he can do (legally) about the remaining
payment of the loan?

Thanks in advance

Michelle

Joined: Jul 28, 2005 Posts: 203

If your relative is such a decent guy as you claim then he should pay his rightful debts like the majority of the rest of us. Why should the financial institution that loaned him money in good faith suffer a loss?
You might receive more help if you would go into some detail as to the problems that have occured with the vehicle. Is there some reason he might go back to the seller for misrepresentation? Or did he run the vehicle into a tree?