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Old 08-30-2009, 04:01 PM
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Join Date: Aug 2009
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Smart buy/ balloon loan

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?
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Old 08-31-2009, 06:35 AM
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Join Date: Feb 2006
Location: Deep East Texas
Posts: 1,256
What do your loan documents say - the ones you signed?
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