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so they have apart at the bottom of the ORIGANAL sales contract that states " The annual percentage rate may be negotiable with the seller. The seller may assign this contract and retain its right to receive a part of the finance charge." And the wife signed it. to the side it has creditor/assignee: Nissan motor acceptance with the address and all. On the change one it has the Nissan motor acceptance blacked out and hand written Santander. Is this a modification and still illegal?
They told me that Santander had just recently bought Nissan the person I spoke with at Santander said no. if so why would they black it out. I really believe they committed some kind of fraud. Thank you for your reply. I also stated the wrong date in the first question it was signed on 10/15 and on 11/15 they closed the deal. Placing the payment now 2 day behind.
Yes, any time a contract is modified it requires the approval of both parties. Changing the name may be insufficient to establish a criminal charge because the financial terms appear the same. The fact the contract had the name blacked out makes it an altered agreement. The altered agreement is not one your wife agreed to. The seller could have executed an assignment to Santander, but modifying the contract was not appropriate and make the agreement voidable if not void.
In your question you stated the interest rate changed. Your wife would have to approve of the modification in writing. This cannot be done with an assignment.
You should get counsel and have the modified contract declared void. In addition you should ask that the entire transaction be rescinded due to the unscrupulous conduct of the dealer.
There may also be a case for predatory lending practice if your wife had her own financing and was "duped" into using the dealer financing. This would be fact specific, for example sometimes a dealer is able to quote a lower price if they provide the financing. This is not duping and individual, this is simply marketing a product where both sides get an advantage. A local consumer protection attorney will be able to help with the contract and the potential predatory lending practices of the dealer.
so there is a lot going on with this. with the name being blacked out and something else written in on the assigned part? can make this void
Absolutely, the modified agreement is not an agreement at all. Your wife did not sign that document as modified. Changing the lender and the financing terms are material changes to the agreement.