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A few years ago I purchased a car with a limited drivers privilege after a DUI. then a couple of months later I was stopped again by a cop and took me to jail for drinking and driving. He then towed my car. My case was dropped due to certain circumstances. I didn’t have enough money to get my car out of the towing yard and they said I needed a licence to get the car out. I called the bank cause they have the title. And they said there is nothing they can do, to just keep on paying the loan. So I’m still paying off a loan for a car I don’t have cause I don’t want bad credit. Is this right? Should I be doing this? or have I been had?

6 Comments »

1. 

   You need to honor your contract with the lender. If the car was sold, then the amount it was sold for should go towards the balance of the loan minus any expenses you incurred.

   Comment by sarahsmile90 — June 25, 2011 @ 4:20 pm

2. 

   Consider whose fault it is.
   Your DUI
   Your lack of money to recover your car – this is not the lender’s responsibility
   If you were not a habitual drinker and driver, you would still have a full license and therefore you would still have your car

   Comment by Ed Fox — June 25, 2011 @ 4:20 pm

3. 

   Well its hardly the banks problem if you lost the car. If YOU lent someone some money and they lost it you would still want it back . Would you not ?

   Comment by peter — June 25, 2011 @ 4:20 pm

4. 

   Really?

   Of COURSE you have to continue paying the loan! It’s not the bank’s fault you can’t refrain from drinking and driving. They loaned you the money in good faith. So now you think you can steal what is theirs because you can’t control yourself?

   Comment by R P — June 25, 2011 @ 4:20 pm

5. 

   Yes you keep paying the loan.

   Read the loan agreement you signed when you bought the car. No where in there does it say that you only have to pay for the car as long as you have possession of it.

   You were the one that drove the car when you should not have.
   You were the one that refused to pay the impound fees and get the car out.

   It’s not the bank’s problem that you don’t have the car anymore. They loaned you the money with an agreement that you would pay it back. Therefore, you have to pay it back.

   Comment by MSAD — June 25, 2011 @ 4:20 pm

6. 

   No you haven’t been had.The bank lent you money and they expect to be paid.The fact that you bought a car with it has nothing to do with the loan. The bank does not have title to it you do, loans do not work that way. The only thing the bank may have did was hold the title as collateral.

   The bank is not responsible for the fact that you drove it drunk or the fact that you were stopped and had your car impounded. You could have gotten the car out of impound by paying the charges and having someone with a license drive it.

   Driving drunk is a terrible thing to do. You not only endanger your life but the life of others. Don’t ask anyone to feel sorry for the mess you’ve gotten yourself into because I sure don’t. If you ever get another car take a taxi to go out drinking.

   This is a situation you and you alone have created and you have to live with the consequences. Hopefully it will be a lesson learned–a hard lesson, but one better learned early than after an accident

   Comment by Dowlinggram — June 25, 2011 @ 4:20 pm

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