"Buy Here, Pay Here" Loan Sold to Third Party

[itsjustme]

My question involves a consumer law issue in the State of: TN

Hi to all and thanks for looking at my thread. Here is my dilemma and I need some true expert advice..


So basically me and the wifey bought a older car from a dealership maybe 2 years ago and i still have the contract. $3,000 is left on it and now the dealership has sold our loan to MID ATLANTIC FINANCE. Basically Mid Atlantic buys car loans for 60% of the loan and take over the loan. Seriously if they would have taken 60% I would had paid the original buy here pay here car lot off myself truthfully for 60%.

I called and told the BUY HERE PAY HERE lot that the contract I signed was with you and not another company such as Mid Atlantic. They got quiet and said its in the contract, I advised them it is no where in the contract that states my loan can be sold to a 3rd party nothing of that nature. The guy says he will have to pull my contract and see. basically the dealership knows that there isnt anything in the contract in regards to that and they thought I was dumb and wouldn't check up on it.

so my question is what can i do, I dont want my loan with this 3rd party and I feel violated because they sold the loan off without my consent.

Can i sue the Buy Here Pay Here for damages, for selling to a 3rd party, breech of contract? I want my loan back with the buy here pay here company? better yet I want out of the loan contract now since they breached it

Thanks
Itsjustme

UPDATE:

aGHHH Did some more reading of contract and it says this:

Assignment: We may sell this contract for an amount that is more than or less then the amount financed. We may sell or assign our rights in this contract without your permission

am i screwed?

[Mr. Knowitall]

You consented to the sale of the loan contract. But I'm not sure I understand the melodrama - the sale doesn't change the terms of your loan contract.

[jk]

am i screwed?

No. You are in the same boat as you were when the first company held the loan. The terms remain the same.

[itsjustme]

You consented to the sale of the loan contract. But I'm not sure I understand the melodrama - the sale doesn't change the terms of your loan contract.

Well the thing is they sold the loan to another company, now the other company has the loan and i have to wire payments to them which cost $7 everytime

Its like if you hire home depot to repair your roof or whatever and they sell the contract to lowes and no lowes is at your house doing your roof . And you hate lowes because last time they did your roof it was leaking

get the point now? lol

Im just wondering if its a breech of contract

[jk]

does the contract say anything to form or means of payment? Ya know, like "buy here, PAY HERE"?

[Who'sThatGuy]

You should be happy that the loan was sold,

1. the "Buy Here Pay Here" place most likely never reported a single payment from you that you have made.

2. The new loan company is most likely in the loan business and reports to all three major credit bureaus.

So you have nothing to lose, but only gain if you make timely payments. Welcome to the tract of building your credit... Good Luck

[aaron]

I very much doubt that the only possible method of paying this lender is by wire transfer.

[itsjustme]

You should be happy that the loan was sold,

1. the "Buy Here Pay Here" place most likely never reported a single payment from you that you have made.

2. The new loan company is most likely in the loan business and reports to all three major credit bureaus.

So you have nothing to lose, but only gain if you make timely payments. Welcome to the tract of building your credit... Good Luck

yes they do report to credit quarterly

- - - Updated - - -

does the contract say anything to form or means of payment? Ya know, like "buy here, PAY HERE"?

says nothing to payment but says what i type below. Does that mean they can reassign the contract?

Assignment: We may sell this contract for an amount that is more than or less then the amount financed. We may sell or assign our rights in this contract without your permission

[eerelations]

Assignment: We may sell this contract for an amount that is more than or less then the amount financed. We may sell or assign our rights in this contract without your permission

As you've been told several times this means that yes, "Buy Here Pay Here" was legally within its rights to sell your loan to Mid Atlantic Finance - because you agreed to this, in writing.

Regarding the expense of wiring money, if there's nothing in the contract about how you pay, why are you wiring the money? Why can't you just mail a cheque every month? Or, even easier and cheaper, why don't you just send Mid Atlantic a bunch of postdated cheques all at once?