K
kittykauty
Guest
State of Iowa:
My 19 year old daughter purchased a 2001 Grand Am, from a dealership that sold her a 2000 Grand Am. With the 2000 Grand Am, it was totaled, by a deer. So, the dealer told her to come in and pick out a different car, claiming the same loan would apply. Then, dealer claimed loan would only be approved for a 2001 auto. Through the mail, she learned that GMC, her past loan was through them, denied this loan. So, she took the auto back to the dealer, approximately two weeks had gone by. Now, the loan company, GMC, is telephoning her, threatening to sue her for the loss of the dealer's sale of auto...hard to believe that the auto was sold for $7,000, when loan was for approximately $16,000. I need advise!!! She had auto for two weeks, was told by the dealer that loan was okayed, told by the loan company loan was denied, returned car to dealer. We could not get a loan elsewhere, was told the previous loan would allow her to continue with GMC. QUESTIONS: Is this event called a "voluntary repossesion"? This is what the loan company terms it. They also stated today, by phone, they will sue her. (Good luck, she is unemployed, disabled, and pregnant.) FYI: She did not have a co-signer on the loan papers.
If you return an auto, when loan is denied, stating financial backing is not available, are you still liable for amount of purchase?
Can loan company keep calling, and threatening "legal action"? Why don't they just do it??? It has been 3 months since she returned the auto. FYI: No contact from dealership has been made recently.
My 19 year old daughter purchased a 2001 Grand Am, from a dealership that sold her a 2000 Grand Am. With the 2000 Grand Am, it was totaled, by a deer. So, the dealer told her to come in and pick out a different car, claiming the same loan would apply. Then, dealer claimed loan would only be approved for a 2001 auto. Through the mail, she learned that GMC, her past loan was through them, denied this loan. So, she took the auto back to the dealer, approximately two weeks had gone by. Now, the loan company, GMC, is telephoning her, threatening to sue her for the loss of the dealer's sale of auto...hard to believe that the auto was sold for $7,000, when loan was for approximately $16,000. I need advise!!! She had auto for two weeks, was told by the dealer that loan was okayed, told by the loan company loan was denied, returned car to dealer. We could not get a loan elsewhere, was told the previous loan would allow her to continue with GMC. QUESTIONS: Is this event called a "voluntary repossesion"? This is what the loan company terms it. They also stated today, by phone, they will sue her. (Good luck, she is unemployed, disabled, and pregnant.) FYI: She did not have a co-signer on the loan papers.
If you return an auto, when loan is denied, stating financial backing is not available, are you still liable for amount of purchase?
Can loan company keep calling, and threatening "legal action"? Why don't they just do it??? It has been 3 months since she returned the auto. FYI: No contact from dealership has been made recently.