Finance Questions

Archive for the ‘Auto Finance’ Category

Question: My car repo'ed & auctioned within 2 wks, & now I am being charged $6000.00, how can they do that? Is it legal?

My car was repo'ed after discussing with a local Finance Company in the Denver Metro area (Fireside Bank). Tried to find a workable solution to my payments, until I got back on my feet. They said, if I paid them $200.00 in "good faith" they could work out a arrangement with me. (I was only 2 months behind) I paid the $200.00 and 3 days later they repo'd the truck without any written notice and 2 wks later they auctioned it, not allowing any time to reclaim the vechicle and now are trying to stick me with a bill of $6000.00, for a vechicle that they sold for less then the value of the loan, leaving me no more options.
I just want to find out if this is lawful. Any help would be appreciated.

Answer: It is my understanding that accepting any payment including partial payment resets the time for delinquency under the law. For this reason many companies will not accept partial payment.

You should consult an attorney about this matter because you have rights...some of which were violated.

Good luck

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Question: Can I sell my car before it's paid off?

Due to the increase in gas prices and financing two cars, I thought yesterday that now I will be shelling out over $200.00 per month for gas on autos! When I first began to drive ten years ago and had my first car (Civic) it only took $8.00 to fill up the gas tank. Yesterday, at the pump I spent $46.00 on filling up my Accord. I thought that I would prefer to keep only one car (family) and start taking public transportation.

Answer: As long as you sell for enough to pay off the loan, no big deal. Contact the bank about what will happen when it comes time to transfer the title to the new owner and getting you a copy of your paid note

If you are selling for LESS than you owe, you'll have to make arrangements to pick up the balance before the bank will relase the title to the new owner.

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