I
iamsoconfused
Guest
What is the name of your state? Texas
Long story, I purchased a car and then refinanced it with a new bank. When I refinanced the old lienholder sent a clear title to me. I continued to make timely payments with the new company. Jump ahead a year, I traded in the vehicle and when I did I got less than I owed for it, BUT the dealer made the check payable to me because I had the clear title. I sent what I got but I still owe about $4000 on the old loan. I have still been making monthly payments. The old loan company doesn't know I traded it off, but they sent me a letter and stated they were doing an audit and realized they didnt' have the title in possession. They told me to mail it in within 10 days or they would have to call the note payable and due in full. Here's the problem, I can afford the payments but don't have the $4000 to pay it off. They stated it will breach of contract. When they find out I no longer have the vehicle what will happen? Is this criminal or civil? I don't even know where to begin looking to get information on what to do!! I am a single mother and can't afford to go to jail and can't get the money from ANYWHERE.
Long story, I purchased a car and then refinanced it with a new bank. When I refinanced the old lienholder sent a clear title to me. I continued to make timely payments with the new company. Jump ahead a year, I traded in the vehicle and when I did I got less than I owed for it, BUT the dealer made the check payable to me because I had the clear title. I sent what I got but I still owe about $4000 on the old loan. I have still been making monthly payments. The old loan company doesn't know I traded it off, but they sent me a letter and stated they were doing an audit and realized they didnt' have the title in possession. They told me to mail it in within 10 days or they would have to call the note payable and due in full. Here's the problem, I can afford the payments but don't have the $4000 to pay it off. They stated it will breach of contract. When they find out I no longer have the vehicle what will happen? Is this criminal or civil? I don't even know where to begin looking to get information on what to do!! I am a single mother and can't afford to go to jail and can't get the money from ANYWHERE.