Finance Questions

Posts Tagged ‘travel’

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: how do I keep my new current car loan rate without accepting a counter offer for a higher rate after 1 month?

I have made and they have accepted my first payment. My credit has since dropped but all paperwork was signed along with trade ins and down payment. Are there any options favorable to me that i can present to the Finance Company?

Answer: Not sure i understand this. Your rate is adjustable? Because a fixed rate means equal payments and they can't change this if your credit score drops.

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