It does not matter if you don't have the car any more. What matters is the unpaid loan you took out on it when you bought it. It is because of the loan, not the car, that you are being sued. You can try re-negotiating with the car dealership and with the financial company. If that fails, you can try to hire a lawyer to protect your interests.
Definitely, you can sue for unpaid loan. Please ensure that you have documents that support you loan and the receiver of loan.
An unpaid loan can have serious legal implications. Not only will an unpaid loan ruin credit scores but the business can put the loan into collections or place a judgement against the customer.
Call the loan company and try to work with them. Next step is you loose the car.
Only if you've been taken to court and the garnishment of wages was ordered by a judge.
Yes
A multi purpose loan is not able to be availed for if a calamity loan is unpaid. The loanist be paid off before another loan can be availed for.
Principal
no...
no
There is no script for writing a condonation letter for partially unpaid loans. Most letters are written from scratch. They address the loan granters and reasons for loan going partially unpaid.
NO
The lender could foreclose on your house.