DamonBaldwin
New Member
I entered into a contract in 2011 for a 2005 Chevy Impala under a lease to own agreement. The interest rate was super high but I was in between a rock and a hard place so I signed the paperwork. Yes, it was a bad deal from the beginning, lesson learned. In 2012 the dealership that I got the car from went out of business and instructed me to forward any inquiries and to continue making payments to the payment processing company that I had always made the payments to. This concerned me since there was a maintenance clause (oil changes, fluid top off, tire rotation, car wash) in the contract that would not be honored now since they weren't in business. Under further review, I discovered that the payment processing company (which operated as a company who provided loans to businesses, mainly car related businesses) was being investigated for fraud by the FBI for defrauding banks. At that point I called them and asked what was the process to pay off the vehicle and how was I going to receive the title and they told me they did not have the title. Then I discovered that the FBI actually charged them and they were forced into bankruptcy. I stopped making payments on the vehicle since I did not know where my money was going and if they would be able to provide the title for the vehicle once paid off. As per the contract I entered in, if the guarantor of the loan becomes insolvent, the contract is considered null and void. I have been receiving calls from a collection agency regarding this vehicle and need to know what to do. Any help is greatly appreciated!
