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bobintexas

bobintexas

Professor (1,341)

bobintexas answer was awarded and will earn ongoing royalties from this thread.

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Submitted 54 days ago...

Oliveira8081

Oliveira8081

Beginner (36)

Return the car or Wait?

Bought a car 2-3 months ago and still have not seen a bill from the bank. Called the dealership after the 1st month and he said he's working on it and I got 2 Decline letters from the bank. When I asked the dealership for my trade back and I would return the new (used) car he said the trade had been sold. I've asked to return the vehicle and purchase something else for the same price and get basically turned away from the question and get told they are taking care of it. Should I just drop off the car at there front door step or wait and see what happens?

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Answer 1 / 3 - Submitted 54 days ago...

bobintexas

bobintexas

Professor (1,341)

Boy did they screw up. A dealer cannot sell a trade in that is being used as a down payment on a another car until the other car is paid for or financed. SInce they can't seem to get you financed after two tries, they are going to get you financed with a very high risk loan company at an outlandish rate. What I suggest is that you find out the rate of interest for a used car from two or three banks, take the car back to the dealer and ask for your back. When they said the car was sold, tell them what they did was against the law and that they better S**t or give birth to a loan with an interest rate of three points over average. When they balk and they will (tell them they had ninety days to get a deal finalized and didn't, they sold your car which was used as part of the trasnaction, which is not yet complete and that you're going to the distrct attorney. It's called deceptive trade practices and in most states it can turn into a felony. They'll have a deal for you very shortly. The trick is to get a guy with bad credit to come in, trade away his car for another one, sell his trade and then stick him with a 25-30% interest rate of which they collect 5% for a finder's fee. SInce you don't have your car, you're stuck with whatever deal they can put together. ALso if your in an accident, they can sue your insurance company for the cost of "their" vehicle because you can't register it yet. Nice, huh?

 
Answer 2 / 3 - Submitted 54 days ago...

Oliveira8081

Oliveira8081

Beginner (36)

The car is already registered and I've been driving it locally.

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Answer 3 / 3 - Submitted 54 days ago...

ReddVelvet

ReddVelvet

Authority (184)

You should get a lawyer or talk to one about this on this problem.

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This Question was awarded 53 days ago therefore you can no longer post an Answer. However you may post a comment below.

 
Comments
Comment 1 / 6 - Submitted 53 days ago...

Oliveira8081

Oliveira8081

Beginner (36)

This is exactly what i thought

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Comment 2 / 6 - Submitted 52 days ago...

bobintexas

bobintexas

Professor (1,341)

How did you register and insure a vehicle without a lienholder? Is the dealership listed as lienholder in the first position or has that been left blank?

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Comment 3 / 6 - Submitted 52 days ago...

Oliveira8081

Oliveira8081

Beginner (36)

I believe the financing dept. did a preapproval deal where he probably looked at my credit score and took it upon himself because I do have a signed bank contract at home that you usually sign at the time of purchase. To even it out they sold my trade in within 3 weeks of sale, which I know is completely illegal. Now he wants me to sign another contract where I will be paying less per month and I really have to eye the contract because you know they are not going to take a bite off there end.

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Comment 4 / 6 - Submitted 51 days ago...

Squeeze

Squeeze

New User (2)

I think you are an a$$. You should have kept your red truck, buuuuut nooooooooo!

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Comment 5 / 6 - Submitted 50 days ago...

Oliveira8081

Oliveira8081

Beginner (36)

The A$$ was the one who wanted a cheap useless truck that no one fit in!

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Comment 6 / 6 - Submitted 49 days ago...

Squeeze

Squeeze

New User (2)

You are a beautiful man.

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