Truck Loan

[moose]

So I buy a truck ,
and get financing .
a few statements down the line .
and i get this highlight on the bottom :


LIKE KIND EXCHANGE NOTICE :

You are here by notified that ****Credit corp. has assigned its rights in agreement (but not its obligation) to sell the property described herein (if lease under a true lease), to ***** LLC ,as qualified intermediary ,as part of a 1031 like kind exchange program .



And we wonder why our economy just don't work !

I wonder what *****LLC will do with my loan , and what will happened if i stop paying 3 years down the line .

do i have any say on this ?



Moose.

 

[chefdennis]

That is a very common practice, its called bundling, where the original paper (a term for the load) holder will bundle a bunch of loans together, some good loans some marginal and sell then to another lender. Its done more in the home business but it happens in the motor vehicle loan / leases also.

 

[ClassicOne]

if you signed on the dotted line, you have agreed to anything above. Everything is negotiable.... if you negotiate before you sign.

 

[moose]

Oh , I think you got me wrong ,
i cannot care less - .
it's just that this is the first time i'm facing it personally ,
you'll think after they got all that bailout money - that they going to change their ways ,
but no - they are acting like it is OK .
its not .



Moose