getting out of new car loan legally

[bonnie belle]

What is the name of your state? Oklahoma

 

[seniorjudge]

What is the name of your state? Oklahoma

getting out of new car loan legally


Sell the car and then get extra cash to pay for the deficiency.

 

[bonnie belle]

We do not want to even assume possession of the car and be able to cancel the bank loan. We managed to talk to multiple lenders who decided not to process the loan, based on the fact that we took the new car back to the dealer, had found a paint flaw or previous damage that had a poor paint job, within 48 hours of buying it. The dealer just wanted to buff it out and said, "you will always know it is there, but 99% of the others won't". He tried to tell us it came from the factory that way.Another dealer saw the paint flaw on the bumper and said, "I doubt it came from the factory that way. His closer had also said our extended warranty was a wrap around warranty for years 6-10 or 100,000 miles. He had year 6 checked and 100,000 miles. When we re-read the contract, we realized the 6 years was the maximum amount of time. This was an error on the closers part.

We had also given the dealer a $1965 insurance check to repair the hail damage on our trade-in and $1500 for the extended warranty and $35 of our own money. The closer listed the checks as a downpayment for $3500
and told us it was where he applied the checks we had given him. We called the insurance co. Tues. (had bought the car Sat.). and they attempted to stop payment.

During all this, we dropped the new car off at the dealer Monday night and the security guard took the keys. We felt there had been fraud in possible previous damage to the bumper of the car (where the paint run was) and an
error on the closers part in completing the warranty and presenting it during closing. We also found out the dealership had a new owner and it was someone we would never done business with.

We told the own when he called on Wed., we did not want the car and expressed our concerns. We let him know we were not satisfied with his solutions and did not trust them. Also told him we had cancelled the payment on the warranty check and the insurance co. was trying to cancel payment on their check and told him he had to use it to repair the hail damage on my trade-in. He told us he could use the insurance check anyway he wanted and he would turn us over to the district attorney and he would sue us. He boasted about having the best attorneys in the state. All we heard from them were lies and threats. We kept telling them we would not accept possession of the car again and we would not insure it.

Well, two days after the sale, he had our new car locked up in back and he said he had a repo tag on it. He had our trade-in and put an as is sign on it. He had no intention of repairing the hail damage.

Well he sent applications out to lenders and three or four lenders who talked with us refused to process the contracts. He told us toward the end of the week he had our car financed, but wouldn't tell us with which bank and said we would find out when we got our payment book in the mail. I mentioned disclosure laws and he just threatened us again.

That was all last week. We had fraud alert posted at the 3 major credit bureas. We contacted Bank of Oklahoma last week because they came up on our credit report. They said they didn't have a contract. My husband told them we had fraud alert and were to be contacted should a contract come through. Well they did have a contract, did not call us and processed the loan. The dealer got his money. He still has the new car and I guess our trade-in. We talked to the banker yesterday and then said he wanted out of the contract. He was going to try to talk to the dealer to get out of the deal or try to help us. We told him at this point, we would rather default and or file bankruptcy. We do not want this car and at no point did the dealer offer to change the contracts and trade-out the car. This owner is notorious in the Oklahoma City area for treating customer badly and screwing people over. If we had known he was buying out this dealership beforehand, we wouldn't have purchased there.

One week after signing the contract on the car, I filed a complaint with the Oklahoma Motor Vehicle Commission. The dealer has 10 days to respond. I doubt the dealer will comply with anyone or anything. He feels he has a legal contract and could care less as long as he gets rid of the car and gets his money. Let's face it, he turned the contract in to the banker knowing we had threatened to default and file bankruptcy.

Also, our car loan with the bank is about $2000 less than the financed amount showing on our contract.Guess maybe they cancelled the warranty.

Any suggestions about how to get out of these contracts? We are willing to default and file bankruptcy. We have good credit. We know it would come back to the banker and not the dealer.