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How many times can a contract I signed be assigned? I signed a contract with a car dealership, they assigned it to a finance company can the finance company assign it to someone else? If so do they need to sign something to make the assignment valid? Please help, they are driving me crazy!

[Edit by C Whitney on Friday, April 4, 2003 @ 10:15 PM]

[Edit by C Whitney on Tuesday, April 8, 2003 @ 06:54 PM]

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Your post is a little confusing. Would you mind explaining the whole from A to Z.

From what I can make of your post, I'll try this.

Usually, a dealership has you sign a contract which they have basically "sold" to a finance company or bank. I have never heard of them assigning to another. They may sell the contract any time they want. Some do this as they need quick cash flow. As to responsibilities in doing this, I do not know what they are. The only things I do know is that the new one cannot change dates, interest, or due dates, etc. unless they have you sign a new contract. That's the best I can do for now.

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I will try to explain this but it is confusing, As I said they are driving me crazy. I live in Florida and in 1997 I bought a car.The car dealer assigned the contract to a finance company. Within a month I was hit by an uninsured drunk driver. My insurance company would not total the car and paid over $8000 to have it repaired. Even after all that work the car was not repaired and was not safe to drive. The insurance company refused any more repairs and I couldn't afford the payments on the wrecked car and another that I could drive. The wrecked car was repossessed by the finance company.That appeared to be the end of it. The repo appeared on my credit report with a last date of activity of July 1997,I took the lump and the finance company mailed me a letter when they sold the car showing me a deficiency and saying to pay or they would send it to their attorney. I didn't pay anything to them and they never sent it to their attorney.I never heard another word from them. From 1997 to 2001 I worked to get my credit back on track. In August 2001 I purchased another car. The repo was still on my credit report from the original creditor but because it was from 1997 I was able to find a finance company that would take the loan and I got the car, terms weren't great and dealer said I should wait six months to a year and refinance for a better rate because at that time the statute of limitations to sue to collect the debt in the state of Florida would be expired and I would be able to get a better deal. In April of 2002 I pulled a merged credit report that shows the original creditor reporting the repo with a date reported of July 2000. In all this time I had not received any communication regarding this debt from anyone. In October of 2002 I applied to refinance the loan of my present car and was turned down due to a repossession on my credit report. I thought it was the one from the original company and didn't do anything about it.In December I offered to co-sign for my daughter to get a car from the same dealer I purchased my car from. They pulled a credit report and the salesman brought it to me asking about a repo from this Ameristar Financial Company in 2000. First I ever heard anything about them and first it has appeared on my credit report. They are reporting the balance the same as $6941, date opened the same as February 1997 but they are reporting a date of last activity as July 2000. This can't be possible because as I said after the letter informing me of the sale of the repossessed car there has been no comunication between me and any one regarding this matter and the last payment I made on this loan was in April 1997. I wrote to this company requesting debt valadation and all they sent me was the signature page from the original contract dated in 1997. The statute of limitations to sue under Florida law has long passed and they really can't collect unless I decide to pay them which isn't likely to happen. But they have changed the date of last activity to a later date which is keeping this on my credit report longer. The original creditor was still reporting this until I disputed the double listing because they were reporting the balance of $6941 and so was this other company. It looked like I had two repos one in 1997 and one in 2000. Now the original creditor is just reporting to one bureau because I haven't challenged it. They feel the debt is too old to bother with and they know they can no longer sue to collect it. How do I get this new company to prove they have a legal right to collect this debt and get them to report it accurately if they do.? :(

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<blockquote>Originally posted by retmar

Your post is a little confusing. Would you mind explaining the whole from A to Z.

From what I can make of your post, I'll try this.

Usually, a dealership has you sign a contract which they have basically "sold" to a finance company or bank. I have never heard of them assigning to another. They may sell the contract any time they want. Some do this as they need quick cash flow. As to responsibilities in doing this, I do not know what they are. The only things I do know is that the new one cannot change dates, interest, or due dates, etc. unless they have you sign a new contract. That's the best I can do for now.

</blockquote>

The above post is the best explaination of the situation I can offer. I really need haelp in getting this company or the CRA to remove this from my CR. Thank you for your help. :)

[Edit by C Whitney on Tuesday, April 8, 2003 @ 10:13 PM]

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