Legal Question in Credit and Debt Law in Oklahoma

my husband lost his job and we got behind on a personal loan,that we used our automobile for collateral, after he got another job his pay was half of what he was making. well they repoed the automobile so I called the loan company and asked if we could make some kind of smaller payment arrangments and they did, they even lowerd the interest rate. But when i called about getting my automobile released they told me i would have to make a payment right a way. So i did, and then i called the place that had the automobile and they told me i couldnt do that, who ever made the payment arrangments made a mistake. I have had to have the loan open for 6 months before they could make new arrangment on the loan. They wont release my automobile and they wont return the payment i made. I even have the documents they sent me for the lower payments and interst rate. Can they do this and what can i do?


Asked on 12/22/09, 7:57 am

1 Answer from Attorneys
Marsha Dixon

First of all, the finance company has the authority and obligation to work with you on your loan. It is not up to the dealership to make this decision.

If you made a payment in good faith, as requested and an agreement and you recieved the documents stipulating these changes and lower the payments. This written document and/or agreement still stands. It is recommended that you signed he documents as agreed, secure a signature from the loan company and make sure they are returned to the loan company by certified return reciept.

Additionally, make sure you keep a copy of the amended documents and any payments made to release vehicle, as this may be unethical and illegal conduct. If may want to consult with an attorney for futher recommendations. I hope this helps.

Read more
Answered on 12/30/09, 12:27 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Oklahoma