What is the name of your state? Colorado
We signed a contract for an auto loan with Bellco on Dec. 31 2007. On Jan 24th, Bellco called saying there was a problem with our loan. They, admittedly, missed the fact that the used car we purchased has a salvage title. They cannot hold salvage titles and want to get the loan off the books and put it on an unsecured loan (ie. a credit card) or use a home equity loan.
NEVER did they ask if the car was salvaged. We would have gladly told them. If they were not able to do the loan, we would have gone with someone else. Now they want to change the loan which will probably increase the interest rate we will be paying.
Can they do this? It seem to me that we have a legal contract and they need to honor the terms of our loan. Given the way they are handling this, we have no desire to refinance our home with them to get them out of this. Can we insist they uphold the contract?
Thank you for your advice.What is the name of your state?
We signed a contract for an auto loan with Bellco on Dec. 31 2007. On Jan 24th, Bellco called saying there was a problem with our loan. They, admittedly, missed the fact that the used car we purchased has a salvage title. They cannot hold salvage titles and want to get the loan off the books and put it on an unsecured loan (ie. a credit card) or use a home equity loan.
NEVER did they ask if the car was salvaged. We would have gladly told them. If they were not able to do the loan, we would have gone with someone else. Now they want to change the loan which will probably increase the interest rate we will be paying.
Can they do this? It seem to me that we have a legal contract and they need to honor the terms of our loan. Given the way they are handling this, we have no desire to refinance our home with them to get them out of this. Can we insist they uphold the contract?
Thank you for your advice.What is the name of your state?