My question involves a consumer law issue in the State of: Tennessee.
My wife signed a car loan from a buy here pay here that reports to your credit. They do payments every 2 weeks but her contract States monthly instead of 2 weeks and now they want her to sign a new contract stating 2 weeks. She is paying 23% interest and we don't want the loan anymore since it's got a payoff of 20k when the fair market value is 4k. They have a monitoring device in the car and said if she doesn't sign the contract and pay her monthly every 2 weeks like they want her to they will shut the car off and repo it. So if they repo it because she makes the payments the contract States can they legally take it and she's been paying the monthly payment every 2 weeks so shouldn't that count as monthly payments so she's actually been paying for months in advance. Thank you. Bottom line is we don't want to pay every 2 weeks but don't want a repo on the record. What are our options
My wife signed a car loan from a buy here pay here that reports to your credit. They do payments every 2 weeks but her contract States monthly instead of 2 weeks and now they want her to sign a new contract stating 2 weeks. She is paying 23% interest and we don't want the loan anymore since it's got a payoff of 20k when the fair market value is 4k. They have a monitoring device in the car and said if she doesn't sign the contract and pay her monthly every 2 weeks like they want her to they will shut the car off and repo it. So if they repo it because she makes the payments the contract States can they legally take it and she's been paying the monthly payment every 2 weeks so shouldn't that count as monthly payments so she's actually been paying for months in advance. Thank you. Bottom line is we don't want to pay every 2 weeks but don't want a repo on the record. What are our options
Sales Agreements: Monthly Instead if Every 2 Weeks
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