ATV Loan. I Sold It, I Owe a Lot, They Want to Sue Me

cbow_snow · #1 03-25-2009, 09:20 AM

My question involves an auto loan or repossession in the State of: New Hampshire
I bought an atv brand new in 2007 for $6500.00.
I made payments untill about December 2008. Now I owed them 4 payments of $210.00, thats cause my APR was at 24.99%, rediculous. About a week ago a repo guy showed up and wanted the ATV. The only problem is, that I sold it back in Nov. 2008 because work got slow and I had to pay rent and a truck payment and so on.
They are going to be giving me a suopena.
My question is, since I sold it and still owe $6200, can they charge me with selling stolen property? And would this be a very bad case here or what?

Mr. Knowitall · #2 10-03-2009, 02:45 PM

This was an unsecured loan (nothing on the title reflecting a lien)? If you had clear title, you were entitled to sell the ATV. If the buyer received title with no indication of a lien, and had no knowledge of the lien, the lender's not realistically going to be able to recover the ATV from the seller. But you still owe the money. If there was a lien reflected on the title, how did you manage to transfer the title without paying off the loan?

Simply defaulting on a loan is a civil matter, not a criminal matter.