February 16, 2011 4:17 AM Subscribe
My friends bought a new car in Canada, moved to the States, and just discovered that they violated their financing agreement by taking the car abroad for over 30 days. Nissan Canada's financing people say they have a month to pay the whole car off--$18,000--or it gets repossessed and their credit is ruined. They don't have that kind of money. What would you do?
When my friends bought the car, they told the dealership they were moving to Chicago and asked whether that mattered. Nissan said: "Not at all!" But I guess the dealership isn't the same as the financing people.
After they got the threatening call from Nissan, they checked the fine print of the financing agreement, and it does indeed say that they can't take the car out of the country for over 30 days. Now Nissan is saying it's an illegal import and pressuring them to pay it all off immediately. They said they couldn't, and Nissan told them to declare bankruptcy.
What are their options? Is it worth seeing a lawyer, or are they just screwed by that fine print?
(You are not my, their, or probably anyone's lawyer.)