I purchased a car In Colorado about 7 months ago, I came to Florida on Vacation and my purse was stolen with all my ID and bank cards in them. Well making a long story short. They wiped me out, and I lost my apt. and things in Colorado. I was forced to get a job and place to live here to survive. I have never missed a payment on my car, but the people that financed my car told me that I had signed an addendum to my contract saying that I would not move from the state. I was wondering if I pay for the car for a year, should I be able to have someone in Florida refiinance my car since I have a good payment history. My other credit or lack of it is not too great, but car credit is good. They also tell me that they can pursue felony charges if I don,t return to Colorado within the year. I don't know why they would if I am paying for the car. I have started over down here, and cannot see returning there to start over again, since I am established down here. Guess I need refinancing Advice.
2007-02-04 00:59:26 · 1 answers · asked by Little Tree 2 in Business & Finance ➔ Credit
WOW...what a predicament. definitely refinance and then you no longer have to answer to the first car loan people
2007-02-04 01:04:34 · answer #1 · answered by cordellialynn 3 · 0⤊ 0⤋
Stay in Florida! Get a P.O. box in Colorado and make believe you still live there and are on an extended vacation in Florida!
You can also establish a residency in Colorado if you have any family there. Just use their address.
I'm not so sure what the finance company told you is legal. I would ask for a copy of the contract and consult legal advice. I know that they are concerned that it is too costly for them to get the car back if you default on the payments.
But, I also think the clause is unconstitutional. No one has the right in America to bond you to any geographical location. That's a form of ownership of your person.
2007-02-04 01:41:11 · answer #2 · answered by billy brite 6 · 1⤊ 0⤋
Tell them you want a copy of the addendum. They usually can't do something like that. It is probably a bluff. It would cost them a fortune to come get your car, and why would they if you are paying for it. In any case you do not have to ever give your car back if you are paying the payment, it is against the law for them to repo it. You have a financial interest in that vehicle and you could sue them. If they press the issue tell them you are consulting an attorney..also go to your states "legal aid" for low income people.They will help. It should be listed in the phone directory or you can go to library and find it or ask around...best bet is to call an attorney, most of them know the number. Just make CERTAIN you ARE PAYING the payment .
2007-02-11 11:59:45 · answer #3 · answered by Franklymydear 4 · 0⤊ 0⤋
That is the most retarded thing I have ever herd of refi as soon as possible with someone with some ethics. The creditor has 2 choices let the loan go to another bank and get their money back or try persuing you further at high expences. Do not tell them where you or the car is. A smart banker will use commen sence and let the loan go.
2007-02-11 14:06:49 · answer #4 · answered by renzbenton 3 · 0⤊ 0⤋