Finance Questions

Posts Tagged ‘car finance’

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 renegotiate my contract on my car?

I bought a car from Infiniti of Scottsdale on Friday.I am financing it but my credit wasn't great so i asked my aunt in Idaho to cosign for me. I have signed all of the co applicant stuff but none of her stuff is signed, i got the car at 48,000 but see 42,000 listed everywhere else. Am i able to renegotiate terms seeing how I've taken delivery of the vehicle but the contract isn't signed by all parties?

Answer: Yes, the deal isn't done until you've got all the paperwork signed by all the involved parties. You can negotiate any aspect of this deal until all the paperwork is signed. In fact, if you sign all the paperwork then some aspect changes, like they want more per month than you had agreed upon, you can still negotiate or back out all together.

Think about it, what would happen if your aunt refused to sign the paperwork? You'd have to give the car back. See, the car isn't sold yet.

I assume you're talking about mileage on the contract, not price right? The mileage on the contract isn't a big deal unless the dealer is offering a warranty that is only good for "x" amount of miles once you've taken delivery. If they are offering some sort of warranty like that you should make sure the contract is amended to your exact mileage once you have the papers signed by your aunt.

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