What is the name of your state (only U.S. law)?
I live in Calgary, Canada. I bought a car two years ago from a private seller for $4,400. Trying to trade it in now at a car dealer, they enquired and came back to me telling me there is a lean for $5,000+ on my car, from a financing company in Texas. The vehicle's value now would be $1,000.
Is there a risk that the car dealer's enquiry trigerred the financing company's system and that they come after me now?
If so, is it the vehicle only I risk losing or could they come after me for the difference, knowing that the vehicle's value is low?
Am I stuck with that car until I take it for destruction? And would they take it?
What is my risk and how can I get out of this situation? I don't dare calling the financing company to not flag myself as the owner of the vehicle.