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Submitted 304 days ago...

dl302ls-3

dl302ls-3

New User (6)

CAR DEALER SOLD MY CONTACT TO ANOTHER COMPANY

I BOUGHT A CAR FROM A BUY-HERE,PAY-HERE CAR LOT AND THEY SOLD MY CONTACT TO ANOTHER COMPANY WITHOUT FIRST NOTIFYING ME OF DOING SO. i JUST GOT A CALL ONE MORNING FROM A FINANCE GROUP SAYING THAT THEY NOW HAD MY CONTACT AND THAT I WAS TO SEND THEM MY PAYMENT EVERY WEEK. IS THIS LEGAL FOR THEM TO DO?

 
 
 
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Answer 1 / 2

Submitted 303 days ago...

Jodi-Mesa

Jodi-Mesa

Brain (2,795)

Of course. Most places even if they have in-house financing, will bid out the loan to whichever bank can offer the lowest interest rate. I've had it happen on my car loans and it's a good thing because it means that's the person giving you the best deal on the loan. Enjoy your new car :)

 

Answer 2 / 2

Submitted 303 days ago...

sidelko

sidelko

Brain (3,031)

In the past, I had a credit card account that I had sold to another company, who then closed the account right away. Then It was like a loan that I owed money too until i had it paid off.

This also happened with home mortgages, and why Countrywide is rumored to be near bankrupcy after buying up all the subprime loans from other companies.

so yes, they can do it. and it is legal.

 
 

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