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Article: Missed Furnace Payments Create Hot Situation
- Article from:
- Chicago Sun-Times
- Article date:
- June 26, 1992
- Author:
CopyrightCopyright 1992 Chicago Sun-Times. (Hide copyright information)
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Q. About a year and a half ago, I had a new furnace installed and
a few months ago I fell behind on payments, which have since been
made up. Just before I become current again, I got a nasty letter
from the dealer who installed the furnace.
He sold my contract to a finance company with recourse, which
means that if I don't make the payments, he buys the contract back
from them for the unpaid balance and I will then owe him the money.
The letter said that under the contract I signed, the seller
retained a security interest in the furnace and if I don't make all
the payments when due, they have the right to repossess the furnace.
This bothers me. In this economy, even though the ...