Frisco
Frisco,#2Consumer Comment
Tue, May 21, 2013
I wish I had read this earlier. At the end of your contract is a number for the Office of Consumer Credit Commissioner. This is the state agency which is responsible for enforcing laws related to the credit contract (not pricing, not lemon/repair issues, but STRICTLY credit contracts).
My understanding is that once a contract is signed by both parties (your husband's lack of signature might weigh in on this, though), a legal contract is in place.
For profiting, the car SELLER wants to "sell" your contract to a creditor whose business is financing. The car SELLER wants the money to buy more cars and sell more cars. If they can't sell the contract, they would be stuck with your contract, and they'd be accepting your monthly payments, which is something they do not want to do. HOWEVER, if they signed a contract, it's legal and binding ON BOTH PARTIES.
If anyone reading this takes one thing away, let it be this: do not get your financial advice solely from those standing to profit from you. If something sounds wrong (like "bring your car back - that contract is not valid"), double check with a legal authority. In this case, the Office of Consumer Credit Commissioner at their consumer helpline 800-538-1579 or their website http://www.occc.state.tx.us/ .