I have had a car loan (on a new car) for two months. A few days after I took my car off the lot, they said my loan had been transferred or "sold" to another company. Is this legal? Why would a company do this? How does it effect me?
2006-08-23 19:26:09 · 2 answers · asked by J R 1 in Business & Finance ➔ Personal Finance
It shouldn't do anything to you. You and the new creditor will still be bound to the same contract/terms that you had with the original lender. You will still be making the same payment at the same interest for the same amount of time.
They do things like that all of the time, not just for car loans but with mortgages also.
2006-08-23 23:20:42 · answer #1 · answered by echo 7 · 0⤊ 0⤋
Yeah, it is done all the time but it should be under the same terms as the original. Has nothing to do with you but everything to do with the dealer...he is probably consolidating, restructuring his debt.or has been bought out.
2006-08-27 18:16:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋