The bank that held my auto loan was bought out by another bank. Can the new bank charge new fees and interest on late payments if they weren't part of the original contract?
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No, you have an agreement, and unless it is modified with your consent, or the agreement specifically allows them to make adjustments (not likely), this is probably a programming error. Call and ask the new lender under what authority they are charging more in fees or charges than was agreed. Be prepared to discuss making arrangements for any payments you may be past due.
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No, you have an agreement, and unless it is modified with your consent, or the agreement specifically allows them to make adjustments (not likely), this is probably a programming error. Call and ask the new lender under what authority they are charging more in fees or charges than was agreed. Be prepared to discuss making arrangements for any payments you may be past due.
