if my car is from a buy here pay here and not loan thru a bank can i get out of the agreement easier and how?
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if my car is from a buy here pay here and not loan thru a bank can i get out of the agreement easier and how?
Asked on June 11, 2009 under Bankruptcy Law, Missouri
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
"Buy here pay here" doesn't always mean the dealer itself is actually doing the financing; they may simply be receiving payments for a loan company.
The only time it would make a difference, most likely, would be if there were something wrong with the car when you bought it, or the dealer's warranty wasn't honored. There is a legal rule called "holder in due course" which sometimes makes a bank or finance company able to collect even if you have a problem with the seller, although many states don't allow that in some consumer transactions.
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