Car dealer wants to take car back I bought through Cash for Clunkers

[paul chapman]

What is the name of your state (only U.S. law)? North Carolina
I purchased a Toyota Matrix through Cash for Clunkers. I traded in a 1988 Ford Ranger pick up. The dealer gave me $4000 for the trade in. We made the deal, I gave him a $500 security deposit to get the car from another dealer. We signed the papers, I financed the rest through my credit union. They gave me the keys and I have been driving the car for a week.

Three days ago they called and said they had miscalculated the trade in and I would have to bring an additional $1000 in cash to them or return the car.

Even if this IS true - which I doubt - I negotiated in total good faith and gave them all honest and factual information. They are the ones who screwed up and it is their mistake.

I politely told them this and that I would not return the car.

Now they are threatening to come and reposses the car. Do they have the legal right to do that?

 

[xylene]

If they are threatening to repo the car, you need a lawyer.

 

[BL]

Contact your Local Office of Attorney General- Consumer Affairs .

Others have had good outcomes .

If they are demanding CASH , I'd be leary .

 

[Antigone*]

What is the name of your state (only U.S. law)? North Carolina
I purchased a Toyota Matrix through Cash for Clunkers. I traded in a 1988 Ford Ranger pick up. The dealer gave me $4000 for the trade in. We made the deal, I gave him a $500 security deposit to get the car from another dealer. We signed the papers, I financed the rest through my credit union. They gave me the keys and I have been driving the car for a week.

Three days ago they called and said they had miscalculated the trade in and I would have to bring an additional $1000 in cash to them or return the car.

Even if this IS true - which I doubt - I negotiated in total good faith and gave them all honest and factual information. They are the ones who screwed up and it is their mistake.

I politely told them this and that I would not return the car.

Now they are threatening to come and reposses the car. Do they have the legal right to do that?

It is not your problem they miscalculated the trade-in value of your old vehicle. Tell them to pound sand and that if they continue harassing you, you will call the AG that BL referred to in his post.

 

[racer72]

I would bet if you were overcharged a $1000, you would scream bloody murder if they refused to give it back. You signed a contract after all. Bet the dealer wins this whizzing contest.

 

[patstew]

I would bet if you were overcharged a $1000, you would scream bloody murder if they refused to give it back. You signed a contract after all. Bet the dealer wins this whizzing contest.

But wouldn't the contact back up the buyer? Obviously, I don't know exactly what it says, but at the very least it must state the terms and everyone signed it.

 

[Zigner]

If they miscalculated the amount of the refund through the Cash for Clunkers program, it is NOT our OP's problem. Check out cars.gov.