What to do if I currently have an auto loan with a bank that has predatory lending practices?

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What to do if I currently have an auto loan with a bank that has predatory lending practices?

I have my vehicle financed through them and they have added over $1400 in fees in addition to my principal. They are independent out od state bank. I feel that I am being taken for a ride, as a consumer I don’t know what else to do at this point. Can I take legal action against a bank and is it worth it versus the cost of an attorney for this type of case? Also, my principal is around $900 remaining. Fees are because of placed insurance ($600), when I already had insurance. Never given correspondence of fees. Other fee was repo($700) due to my being out of work for 3 months but I retained the vehicle in time.

Asked on June 14, 2013 under General Practice, Florida

Answers:

Tricia Dwyer / Tricia Dwyer Esq & Associates PLLC

Answered 8 years ago | Contributor

Hello. I suggest you have a consultation with a private attorney, because should you sue, the attorney will advise you on claims you may make in addition to the principal, for instance, attorney fees.  You may contact your state Attorney General, as that office may provide assistance. Some attorneys are available seven days for emergency legal needs. Many attorneys will confer initially at no charge. Then, if legal work is performed, some attorneys will provide a reduced fee for financial hardship. Some attorneys may also assist you in limited scope manner to conserve legal costs. All the best.

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

For the type of money involved you could sue in small claims court and therefore would not need to hire an attorney. That having been said, there would still be costs involved, not to mention that you would still have the burden of proving your case. What might be a better approach is to contact your state's Attorney General's Office (Consumer Bureau, if possible). They can advise you further.


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