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contract used car

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P

pizbet

Guest
i live in kentucky. my daughter purchased a car in 2000 we took over the payment and the buy here, pay here place had no lein but took the car saying we had to redo the contract into our name the new contract has the same date as the old contract but a 2400 dollar difference in price in jan we feel the orginal price of 4900 was paid off we sropped payment the guy has not taken the car but charges interest every week he says we owe 1800 left. 3 years of 240 a month equals 8600 dollars that is a lot for a 4900 car can he have 2 contracts with the same date, differnet prices and differnt names?
 


JETX

Senior Member
"i live in kentucky. my daughter purchased a car in 2000 we took over the payment and the buy here, pay here place had no lein"
*** If the 'buy here, pay here' dealer was financing the car, he would NORMALLY have a security lien to protect him in the event of default.

"but took the car saying we had to redo the contract into our name"
*** This is not correct. The lender doesn't care WHO is making the payments, as long as they are being made.

"the new contract has the same date as the old contract but a 2400 dollar difference in price"
*** So, you don't sign the new contract. Tell the dealer to stuff it.

"in jan we feel the orginal price of 4900 was paid off we sropped payment the guy has not taken the car but charges interest every week he says we owe 1800 left."
*** Confusing. You are talking about old contracts and amounts, and new contracts and amounts and payments being made, etc. But WE have no idea what you are paying on or whether it has been paid or not.

"3 years of 240 a month equals 8600 dollars that is a lot for a 4900 car"
*** See above.

"can he have 2 contracts with the same date, differnet prices and differnt names?"
*** Yes. Simply the second contract can void the first and it COULD be valid if you signed the second contract.

You absolutely need to have a local attorney review the facts and agreement(s). Contact your local bar association and ask them for a no- or low-cost referral to a local attorney. He/she can then review the facts with you and advise your rights.
Good luck.....
 

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