What is the name of your state (only U.S. law)? NEW YORK.
I owned a 2004 dodge truck which I bought with a smartbuy loan since NY did not have leasing in 2004. It is now 5 years later and the bank is stating that its not a smart buy it was a simple balloon loan. They are requesting I pay the full amount due for the balloon payment. I was told at the dealer(who is out of business) that with a smart buy there would show a balloon amount due but you just trade the car back to the bank to satisfy the outstanding balance. What if any recourse do I have if the dealer mistakenly chose the wrong loan type when entering it to the bank? HELP?
I owned a 2004 dodge truck which I bought with a smartbuy loan since NY did not have leasing in 2004. It is now 5 years later and the bank is stating that its not a smart buy it was a simple balloon loan. They are requesting I pay the full amount due for the balloon payment. I was told at the dealer(who is out of business) that with a smart buy there would show a balloon amount due but you just trade the car back to the bank to satisfy the outstanding balance. What if any recourse do I have if the dealer mistakenly chose the wrong loan type when entering it to the bank? HELP?