Legal Question in Credit and Debt Law in New York

So I recently bought a car from a dealership and somehow was able to drive the car off the lot even though the loan ultimately did not get approved. I received the title in the mail and it says no liens with only my name on it. Do I own the car? The dealership has made attempts to correct their mistake and re establish ownership by having me sign it over to them? What to do?

Asked on 1/29/13, 9:57 am

1 Answer from Attorneys

Guy Lewit Guy Mitchell Lewit, Esq.

You are in the driver's seat somewhat because their error gives you colorable title. Ultimately, the fact is you did not pay for the car (or the full value of the car) and their mistake is correctable. You may be able to use their mistake to get a better deal, but you cannot use their mistake to your complete advantage. Suggest they reduce their price to obtain your cooperation or you'll force them to go after you legally (which might take considerable time while you drive the car around and reduce it's value). Of course, you cannot break any laws. You should always do the right thing. The right thing means many things to many people. I will leave it up to you has to your next move.

Read more
Answered on 1/29/13, 10:12 am

Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in New York