Dealer Paid Off Loan And Repo'd The Car
Hi all, I'm an attorney but this is not my area of expertise and I'd like to help my friend as best I can. As such here are the facts she's told me:
My friend put 10k down on a new Dodge Durango and got a lease agreement through the dealership with Chase Bank. She was making payments regularly with no problems. One day she gets a letter in the mail from Chase stating that the entire balance was paid, congratulations, etc. She did not make the payoff payment, apparently the dealership did. The dealership then after a few weeks repossessed the car.
Help me help her by understanding what happened? I was under the impression that a contract for a financed vehicle exists between the bank and the car owner, my friend, and that the dealership is out of the equation and does not have any interest after the papers are signed and the car leaves the lot. Which would make payoff by the dealership a gift, instilling no possessory rights in the car, am I wrong?
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