I cannot seem to get a straight answer anywhere and I hope you can help. I purchased a 1991 Chevy from a Buy Here Pay Here lot in orlando florida three months ago. When I took in my last payment I was told not to bring my next payment in because they were going out of business and would contact me by mail. My payment is due on Friday and I have not heard anything yet. What are my obligations now that they have gone out of business?
You are still obligated to pay for the loan that you took out on the vehicle. I think the real question that has come out of your situation is who do you send the payment to. Most likely your auto loan will be sold to a new company that you will start paying every month as you have the past three months. I would first try to call the Buy Here Pay Here lot to find out if they have the name of the company that will be taking over the loans. If they do not know yet I would just hold tight, you will be noticed by mail as to where to send your payment to.
〉 Answered on Oct 28th, 2008 by Jennifer Streets, Director of Marketing at Swapalease.com
If you do not have the title to the vehicle you need to get any instructions from them in writing. Go there and find out what you are supposed to do about paying for the balance due on the vehicle.
If you have the title to the car and there is no lien listed then you most likely own the vehicle.
If they are going bankrupt you will need to find out the legal ramifications to you on this type of action.
You are in a very tenuous situation because of their business practices. You might want to contact the Attorney General*s Offices in your state to see what your rights might be.
Hopefully you will not need to get an attorney.
〉 Answered on Oct 28th, 2008 by Jessie L Thatcher, F&I and Sales Specialist at Reynolds and Reynolds Company (Retired)