When a car buyer still owes money on a vehicle being traded in, the dealer promises to pay off the outstanding loan, then resells the vehicle. But as more auto dealerships go out of business, they are sticking consumers with the bill.
Lenders then go after the previous owner who thought the debt was paid, or they repossess the car from the new owner who assumed it came with clear title.
Text & Images: AP
Also Read: Toyota unveils new Innova | Hi-fi audios for cars