Auto Loan Financing Contract
auto loan financing contract
Can a finance (auto loan) contract be re-written?
I bought a used car with the help of loan from a finance company. Finance company added theft guard protection on my car and lowered the interest rate. But now i want to remove this protection as it is costing me 1000 $ more. When i asked the finance manager about removing this protection, i was told that the loan contract can not be undone. So, i want to know whether the loan contract can be re-written i mean whether theft guard protection can be removed and the contract can be re-written or not. I have signed the contract on May 13th 2008.
I had a similar thing happen to me years ago…. Were you aware of the Theft guard protection being added to your loan? Did you agree to it to get the lower rate? Was it added without asking you first … and you were told YOU HAD TO AGREE TO TAKE IT TO GET LOAN?
In my case it was life insurance that was added by the finance company. It was added without my consent. When I inquired BEFORE signing the loan docs, I was told no insurance no loan… I need the car badly so I signed. I asked could I cancel later. The loan officer assured me that I could. However when I tried they kept ignoring my request till I called their corporate offices.
They refunded me the cost of the insurance $1400.00 dollars BUT DID NOT CHANGE MY LOAN CONTRACT.
I doubt that you can get the loan rewritten but I think you can insist that you don’t want the thief guard protection, If your were coerced or forced to take it to get the loan perhaps you could threaten to talk to the local attorney generals office or sue in small claims court. Also if the Theft protection is run by a separate company and only sold by the loan company , perhaps contact them.
Either way I lowered my payment by refinancing the car about six months after the original loan was written.
Good luck and don’t give up on this!
Auto Loan – Tips To Get The Best Deal
You have finally decided to buy a new car. For most people, it will be quite difficult to purchase a vehicle without seeking for a auto loan. However, there are just too many possibilities and options when your auto loan is concerned. And You will probably want to find the best deal for the loan.
So the question is how you can get the best deal for your loan. In fact, the terms and interest can differ a lot from one lender to another. As a result, it is always very important to try your best to get the best deal. Otherwise you may need to end up paying twice the price of the car when you pay off the loan.
At this point you may wonder if there can be some guides for you to get the best deal for the auto loan. Yes there are some guides and tips you can follow so that you can get the loan with the best terms. You should bear the following points in mind. They will certainly help you to seek for the best deal for your auto loan.
Without any surprise, you have to compare different options when you are seeking the loan. You may try to start your research online. In fact there are also a lot of companies that offer online auto loans. In most cases, the terms will be better than getter the loan offline. This is because the overhead of the companies will be less if they offer the loan online. Since there will not be a dedicated salesperson who may need to visit you a few times before you make your final decisions, the cost of the lender will certainly be lower. And as a result give may have better offer for their clients.
Of course you should also need to see if you have a good credit. If you are not sure about your own credit score, you should try to check it out. If you have a good credit, you will certainly be about to get a better deal. In fact, there may even be special offer for you if you have a good credit. However, no matter how attractive the deal seems, you have to read all the conditions and terms carefully before you actually sign the contract. I do not mean that the lender will cheat you but it is always smart to read the terms carefully before signing any agreements.
About the Author
The author has great interest in finance. You can check his blog on Financial Planning & Personal Finance. Be sure to check How to Avoid Personal Loan Mistakes and Online Forex Trading Plus Beginners Guide.
