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Collections Law/Signed auto loan contract
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Question
I bought a used car on the 2nd of June and signed the contract took the car home. The guy at the dealership said I didn't need a co signer or a down payment. Now three weeks later he called me and said I have to give them 2 to 3 thousand dollars in order to keep the car or return it. Is that even legal I already signed the contract and everything. I even had to take the car to get fixed already costing me 300 dollars. what can I do I have very sick an infant traded in my car for this one and can't be without a car.
You may have to give the car up and attempt to rescind the deal. Submit receipts for repairs (its a long shot but it never hurts to ask).
This is not an uncommon situation. Sometimes the dealer is anxious to make a deal and assumes the deal will be bought but sometimes they assume wrong and they cant get the deal financed.
I would need more information to give any specific answers. What state do you reside? You may need to consult a local attorney about this. At this point I believe the law leans on their side in this matter. Did you put any money down? If so, how was it paid? By check or credit card? Ask them how they plan on making you whole.
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Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.
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