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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 110530
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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My boyfriend and I have been paying on a carloan that was

Customer Question

Hi, My boyfriend and I have been paying on a carloan that was financed in 2012 on time (few missed payments in first year) but we haven't touched the principle. I am concerned we never will, especially since we have 3 years of on time payments and still owe the same amount we financed.
JA: What state are you in? It matters because laws vary by location.
Customer: California
JA: Has anything been filed or reported?
Customer: No
JA: Anything else you want the lawyer to know before I connect you?
Customer: We just basically want to know if this is legal and if there is another option. The loan has drug down both our credit scores and because we haven't touched the interest we are trapped with the loan because we are so upside down on it now.
Submitted: 13 days ago.
Category: Legal
Customer: replied 13 days ago.
Also we are both veterans, I don't know if that information changes anything.
Expert:  Law Educator, Esq. replied 13 days ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Well, the loan should be for a specific term and is supposed to decrease based on approaching the end of that term. If that is not happening, the loan could be a predatory loan and it is something you need to take to a local consumer protection attorney and have them actually review your loan document (forensic loan audit) to determine if this is indeed a predatory loan and if it is, you can sue the lender for damages and to modify the loan to a loan with terms that are not predatory. Unless that loan document is actually reviewed though, there is no way to really know for certain the complete legality of your loan.
Customer: replied 13 days ago.
I think it's a variable interest rate. It's through Santander Bank, which there are tons of problems with on the BBB.
Expert:  Law Educator, Esq. replied 13 days ago.
Thank you for your reply.
You have to still get your loan contract reviewed, because if they are not violating the terms of the agreement and it is properly set up to decrease as you near the end of your term if you agreed to the loan, you can be still liable for paying it. So your first step is getting your loan document reviewed for it being a violation of the predatory loan laws.
Customer: replied 13 days ago.
Ok, thank you!
Expert:  Law Educator, Esq. replied 13 days ago.
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