Legal Question in Consumer Law in Virginia
I have a simple interest auto loan in Virginia. I am trying to refinance, but the lender insists that I have to pay entire amount financed with no credit for interest. They have also tacked on a 300.00 fee for a passtime unit installed on the car.
Asked on 9/18/10, 5:09 pm
1 Answer from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
The lender can likely insist on whatever terms they propose for your
refinance as long as such terms do not violate state usury laws (which
apparently would not be the case with the situation described).
Answered on 9/24/10, 9:28 am
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