Just Found Out The Company That Finances My Car?

[nicolas]

have entered into bankruptcy. I found this out by accident when I couldn't get in touch with the branch I do or did business with. It seems they left, didn't send me a letter, email.....nada. I finally got a letter 3 weeks later telling me to call a certain number if I had questions about my account. I called the number and they answered "bankruptcy court" or something like that.

Didn't ask them this but under law do you have to continue to make payments on the remaining balance of your auto if the finance company filed bankruptcy?

I have never missed a payment but I want to know. When you don't know the law, especially under circumstances like this, they will always tell you to continue making payments whether it's true or not.

[doran]

Keep making the payments. Someone will buy out the outstanding loans, and you'll still owe the money. You don't want your new finance company repossessing the car.

[marlan43]

well it sounds to me like the business was sized by a government entity and is trying to keep track of accounts payable (which is you) you got the letter they told you what to do so do it and find out how you can keep your vehicle. You need to communicate with who ever is holding the note to your vehicle or you are going to lose it. Is that what you want? I mean really how else are you going to get the title to the vehicle if you don't make payments? The contract is still good (unless of course you screw it up by not paying all they have to do then is repo the vehicle and its gone. When you sign the contract read the fine print you have already agreed to surrender the vehicle if you screw up on payments and the lien holder does not have to give you a chance to buy it back if they choose not too. They can demand full payment or keep the vehicle. So what if your upset that you did not get notified for all you know the owner croaked and is dead. Paying the money you owe lets you keep the vehicle another month and gives them a chance to straighten out the paperwork. If I were you I would call up find out what the buy out price of the vehicle is ( it will be the balance you own minus interest) and then run all over hell trying to borrow enough money to get the title to my vehicle in my hot little hand. They do make cash deals you know right? good luck pay off the truck It is legal to pay down a vehicle faster the higher your interest rate the more you can save. I saved 300 dollars on a 33 percent loan one time just by paying cash on the 800 dollars remaining when the dealership closed down.

[aethelbert35]

The lender filing bankruptcy has nothing to do with you making or not making payments. Make sure you do keep a good record of your payments.