Legal Question in Bankruptcy in Michigan
auto loan
if you write '' paid in full'' on a check and they{bank} cash it, Is a legal and binding agreement that they the terms.
2 Answers from Attorneys
Re: auto loan
Sometimes it is, but I would bet that the installment agreement you signed deals with this issue. The people who draft these agreements are pretty smart, and you would likely not find a sympathetic court if you did this to trick the creditor.
Re: auto loan
No, it isn't.
To allow this would allow anyone to change the deal afterwards simply by writing "paid in full" on a check for one penny.
If the debt is openly disputed AND the seller cahses a check that says "paid in full," there might be an argument.
But, in general, you cannot simply decide how much to pay for something without the prior agreement of the seller.
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