That said, it is also important to be aware of the additional costs and costs that a dealer could add to a financing agreement, including the final completion costs of the vehicle and the financing costs of financial transactions. These can be added to the amount you need without explicitly going to your vehicle, and should be discussed before something is signed. In principle, they hope that you sign the contract without recognizing the bill, and then you are forced to pay more monthly. Do you think it is possible that the first loan I applied for and for which I was accepted is still in the files of this bank? So maybe we could compare the signatures and see if they use information different from what they do with this new credit union? I`ll ask tomorrow. I have a sales bill from the merchant, but I have nothing that shows me the terms of my loan, nor anything that shows who I should pay my loans to. And to join the credit union, they would need a request from me, I never filled one and they never provided me with any document that shows that I also registered as a member, even after asking for them. Thanks for your comments I appreciate it! I think they don`t have a real copy of an agreement with my signature. I know that the merchant falsified my signature and my information, or they only have a copy that the merchant faxed them for the files, and they don`t really have any real documents with my signature. Sometimes a lender may try to convince a borrower to sign a “conditional” loan agreement, which actually means that it unofficially approves a borrower at a certain interest rate, just to raise that rate at a later date. Since the interest rate is never set in the contract, the borrower can pay much more monthly payments than expected. The Federal Trade Commission calls this “yo-yo scam,” and it`s a quick and surprising way to find yourself in a trader`s debt and grace. In some loan contracts, the lender may require the loan to be “guaranteed” or secured by certain of the borrower`s guarantees.
This is almost always the vehicle for which the loan is taken out, and therefore if you do not make your monthly payments, the car dealership can take possession of the vehicle. Unless your credit is really bad, you are unlikely to need to establish other guarantees, such as your home or other real estate, but it is also a possibility.