QUESTION
My car loan was bought out unknown to me till i call my lender to pay off my truck now i am getting the run around.
Asked on Nov 15th, 2011 on Consumer Law - Georgia
More details to this question:
this is the secound time my loan was bought without notification. the new loan company is telling me the pay off is more than it was than what the previous lender told what it was. the original lender was nice cars.. then navigator. now fragship acceptance the previous lenders tell me they cant help because they no longer have my records. I was told the 1st of october my payoff was 1068.00 i have paid 400.00 since then and now the new lender says it is 1340.53 i was not sent any notification from anyone about the loan change or the breakdown of my loan. it was all done without my noledge.
1 ANSWER
Mortgage Banking Law Attorney serving Peachtree Corners, GA
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Franzén and Salzano, P.C.
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The reality is that your loan can be sold and you're then liable to pay the purchaser of the loan. Unfortunately, you have no say in that and you're stuck dealing with the current owner of the loan. You do have a say in how much is due in that the purchaser of your loan is bound by the documents. It might be that a prior holder of the loan was more lenient in allowing late payments, waiving late charges and penalties, etc. It might also be that the records the loan purchaser received are incorrect.
I suggest that you ask the current holder of the note (in writing and verbally) to send to you written evidence itemizing the amount you owe. If you do not receive a satisfactory response, then report them to the Governor's Office of Consumer Protection (consumer.georgia.gov). If they're not the appropriate regulator for the holder of your loan, they'll steer you in the right direction.
Best of luck in resolving this matter and keeping your car for the right price.
Answered on Nov 18th, 2011 at 10:27 AM