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  1. #1
    Join Date
    Feb 2015
    Posts
    1

    Default Can You Get Out of a Car Loan Contract if It's Sold to Third Party

    My question involves a consumer law issue in the State of: South Carolina . I purchased a car from a small in house financing car lot. After paying on time for six months they sold my account/ contract to a third party (Midatlantic) . When I learned of this sale I contacted the third party to see if I could continue making payments with them as I had been doing with the car lot. They were very rude in the way they let me know this was not an option. The only options they offered would cost me extra time and money. Dissatisfied , I did some research on Midatlantic and discovered their were a lot of people running into this very problem. I read my contract several times. Nowhere in it does it say it can be sold to a third party. I want out of this contract. They can have the car. I just don't want it to show poorly on my credit. Is this possible?

  2. #2
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Contract Sold to Third Party

    Quote Quoting TravisMoore
    View Post
    My question involves a consumer law issue in the State of: South Carolina . I purchased a car from a small in house financing car lot. After paying on time for six months they sold my account/ contract to a third party (Midatlantic) . When I learned of this sale I contacted the third party to see if I could continue making payments with them as I had been doing with the car lot. They were very rude in the way they let me know this was not an option. The only options they offered would cost me extra time and money.
    I read my contract several times.
    If you really did read your contract you should know that they bought your contract AS IS and all the terms and conditions remain the same. They are the ones with no options. You get to keep paying the same amount per month to them as you've paid before.

    Quote Quoting TravisMoore
    View Post
    I read my contract several times. Nowhere in it does it say it can be sold to a third party.
    And nowhere does it say it can't. That means it can be sold because nothing in the contract prohibits the sale.

    Quote Quoting TravisMoore
    View Post
    I want out of this contract. They can have the car. I just don't want it to show poorly on my credit. Is this possible?
    No.

    But you can sell the car for enough to pay off the note (if it's worth that much).

    Next time get a car loan from your bank or credit union where it's likely to stay for the life of the loan. Car dealers will ALWAYS sell the loan.

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