Legal Question in Credit and Debt Law in Illinois

What happens when a company that you have never heard of buys you loan? The company that I had already got over twice what my car was worth. Do I have to pay another company all the money they are demanding?


Asked on 12/09/09, 8:54 pm

1 Answer from Attorneys
Jonathan Shimberg Shimberg and Crohn, P.C.

If you owe it yes. When you bought the car you should have received a truth in lending disclosure statement. That would have showed you how much you would be paying in total . Multiply the monthly payment times the no. of months and see what that comes out to. Subtract the original cost of the care and that is a simple way to show you how much interest you agreed to pay.

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Answered on 12/15/09, 4:32 am


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