Should i still be paying on a car that has already been sold?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Should i still be paying on a car that has already been sold?
May of 2016 i wrecked the rental
car i had rented out. July of 2016
they told me that the car was
totaled and that i had to pay
16000 dollars for the car. August
of 2016 o beginned to pay 250 a
month on the car. January of 2017
i just learned the car has been
sold. My question is, Should i
still be paying for a car that has
been sold to someone else?
Asked on January 23, 2017 under Accident Law, Ohio
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
They have to offset what they realized or got by selling the car vs. the amount you owed--the law does not let them get paid twice, once by you and once by the buyer, for the same thing--but if that does not fully cover what you owed for the vehicle (based on its then-current fair market or " blue book" value), you have to pay the difference. Example: say the car was worth $16,000 at the time you wrecked it. Say it was sold for essentially salvage value for $3,000; they can get $13,000 (the difference between its value when you wrecked it, and what they received by selling it for salvage) from you.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.