Arvada, CO asked in Collections and Consumer Law for Colorado

Q: Can a finance company for a car loan come back later claiming they're still money owed back in 2010. Now 2016

They sent a letter thanking me for paying off the loan in full and signed title over.

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1 Lawyer Answer
Tristan Kenyon Schultz
Tristan Kenyon Schultz
  • Fort Collins, CO
  • Licensed in Colorado

A: The bank should have provided you with an explanation of how the error occurred and how much the claimed error is in dollars. If they provide documentation and are correct, you will have to pay the missed payment(s). However, you cannot be charged interest or penalties (unless there is evidence of clear wrong-doing on your part). If you feel the assessment is in error or the bank will not provide sufficient documentation you may need to contact a lawyer.

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