Legal Question in Consumer Law in Michigan

its about my car, one more month and i would have been finished paying for it. i called the company and they told me i owe them 8,000 more dollars, its a 2004 and i feel like i was taken advantage of they knew about my disability.i just feel like i should not have to pay them the other 8,000 i think its called preditory laws. i am writing this letter for someone else, its the way i saw it please can you give me some type of insight .


Asked on 11/11/15, 11:54 am

1 Answer from Attorneys
Andrew Campbell Andrew L Attorney at Law

Unfortunately, I don't have enough facts here to give you a good analysis. Many times sub-prime borrowers are provided a simple interest loan contract. A simple interest contract ("SIC") rewards those that pay on-time but punishes those that pay late. If payments are late then a person could think that the debt was paid in full when in reality thousands more are still owed because of many late payments. The interest keeps running because of the late payments. This sounds like what happened here but I couldn't say this for sure until I reviewed the contract in full.

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Answered on 11/11/15, 12:31 pm


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