Auto loan fiasco

[Anonymous]

So 3 years ago I financed a car, unfortunately at a astronomically high rate. Terms where for 48mos. About a year after I signed, I received a bill for another financial company. Come to find out they bought out my original lender. Kept making my payments and in 11/2016 refinanced for a lower monthly (dumb on me). Well I just received a letter saying they are "recommending" their direct competition for refinance. Called to get some info, apparently a ton of people got that notice too. Is this a sign my lender is going out of business? I have noticed they have been "consolidating" their local offices, but from what I read on indeed alot of management are saying they are sinking. Which leads me to this question, if they DO close (which I hope because they are corrupt and shady) is there a way to terminate my contract with another lender that they decide to sell my account to? What are my legal options as a consumer seeing ass if they close that will mean I have multiple auto loans on my credit.

[Anonymous]

Likely the terms of your original contract allows the loan to be sold it assigned to other parties.  Read your original loan to see the terms.

If you signed the loan, you're stuck to the terms.

[Anonymous]

Who is your current lender?

As mentioned above, lender's reserve the right to sell the contract to other servicer's at any point during your loan, this happen's quite frequently in Mortgage lending.

[Anonymous]

Currently the lender is Equitable Finance Company. They are based out of Utah but service Oregon, Idaho, Utah and I believe Washington. They are as shady as Lobell Financial and any other high risk lender

[Anonymous]

If you don't mind me asking, what make's them shady?

I am sorry for your situation but legally you will have to keep paying the loan even if it is transfered to another lender. You will not have multiple auto loan's on your CB that are OPEN, however the current lender will show an open date of xx/xx/xxxx and a close date of xx/xx/xxxx and the new lender it was transfered to will show an open date the same as the original lender but no close date as of yet, with the same reported original balance and terms.

[Anonymous]

Where shall I begin. When I made my firat payment with them when they took over my original lender they told me that I need them to install a GPS tracker and that the price of it and install was included in my loan when they bought it. My response was to go pound sand and remove that from the loan because it was negotiated out of my original loan(will never sign a loan that requires a GPS installed).
Their monthly fee for paying with a card over the phone varies month to month.
They failed to report payments for 6 months and when I called them out on it they denied it and reported the next day showing 6 months of 30+ day late payments, which I make my payment every month ON TIME.
I was out of state for work and my fiancee called to pay for me and they said "absolutely not, the loan has to be rewritten to include her" in order for her to make a payment. But when she showed up with cash in hand they were more than happy to accept a payment and refused to print a statement showing the payment until I called and demanded a statement emailed to me within the hour or I would involve my consumer lawyer.
They have me in their computer system for multiple loans, when I only have an auto loan.
When I went to trade my vehicle in their balance came back $2,500 higher than what it actually was. When I called and confronted them about it they claimed it was a "misunderstanding and they had pulled the wrong information".

So tell me where this is legitimate legal business practices.

[Anonymous]

Wow, sounds like they are very unorganized, no wonder why their business may be possibly failing. I am sorry to hear of your troubles, my advice would be to get that thing paid off as soon as possible to avoid the headache of dealing with them.

[Miner]

Unless you have it almost paid off, if it was me, I'd try to refi it elsewhere with a better company such as a credit union to keep from having to deal with them.  Though ironically, when I got my current 4yr auto loan a few months ago, my credit union (Kinecta) turned me down but Chase accepted me.  Sounds like I need a new credit union.

[Anonymous]

I see where you stand on that. I have USAA and have been a member since 2006. I called to get an idea of what to expect and they said my car is too old with too many miles at the current pay off. Guess I am stuck with it till I either pay it off or win the lottery. At the same time I am also trying to avoid hard hits on my fico since I am trying to buy a house and know that the bank eill see all of that... Ugggh. Beginning to hate this whole credit crap again

[Anonymous]

What year is the vehicle and how many miles?

A CU is your best bet on older vehicles with higher mileage. My CU offer's as low as 3.34% for up to 63 mo's on older vehicles as long as credit is good.