O
oneslaboff
Guest
- Jurisdiction
- Arizona
My son has been making payments on a car for 3years and yes some have been late, but they were all made. The final payment was due Dec 25th for $375.00 and on Dec 23rd the car was repossed. With the holiday was unable to do anything. On Monday we learned that that a payment was not made posted to his account in August. We asked why weren't we contacted and they claimed they have been calling and leaving messages. Also learned they had 2 phone numbers on file, and the 1st number is not a valid number. We for fact that they do have the correct number because they have called in the past prior to this concerning payments. So now a measly $375 dollar payment has turned into a $1400 nightmare. My questions are: Is the finance company required to send a written notification in the mail concerning the default of payments? Second question is the contract I signed valid because I have been doing some research this is what I read:
(When you buy a car using a car loan, you sign a security agreement. For the agreement to be valid, it must describe the type of "collateral" (the car) and the value given, and you must have "rights to the collateral.A car can only be repossessed by the lender that took the car as collateral for your loan)
I feel that they were spiteful in taking the car and the company is a SUB PRIME LENDER. In speaking with them they are very rude and all this could of been prevented. Why would someone making payments for 3 years not continue on making the final payments so the car is paid off? Now he will have a repo on his credit for this even though we are redeeming the car.
Also learned that the finance company no longer goes by the name that we signed the contract with, should we have been notified that there was a change with the company name or whatever it is they did? And last question How do I dispute the repo on his credit. These types of lenders need to be stopped.
(When you buy a car using a car loan, you sign a security agreement. For the agreement to be valid, it must describe the type of "collateral" (the car) and the value given, and you must have "rights to the collateral.A car can only be repossessed by the lender that took the car as collateral for your loan)
I feel that they were spiteful in taking the car and the company is a SUB PRIME LENDER. In speaking with them they are very rude and all this could of been prevented. Why would someone making payments for 3 years not continue on making the final payments so the car is paid off? Now he will have a repo on his credit for this even though we are redeeming the car.
Also learned that the finance company no longer goes by the name that we signed the contract with, should we have been notified that there was a change with the company name or whatever it is they did? And last question How do I dispute the repo on his credit. These types of lenders need to be stopped.