Q: If a title loan company is bought out by another company and I didn’t sign a new contract does this void my old contract
They sold the loan agreement to a new business that bought them out and want me to sign an agreement with the new company. If I don’t sign can the new company repossess or does this void my contract because the debt was sold without my approval
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- Tennessee
- (865) 637-3035
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- Answered
A: Your approval for an assignment of your contract and note is not required. Holder of note is Holder In Due Course, and can enforce it. New contract might be easier terms, or it may be to lender's advantage. Either agree or make full payoff now. Otherwise consider bankruptcy or exempt property.
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