What is the name of your state? washington
I purchased a used Pickup truck on Nov 30th 2007 from a Toyota Dealership. I traded in my vehicle. It was to be financed through US BANK for X amount of $$ for X period time.. The dealership paid off my trade on Dec 7th.
Now on January 8th 2008 I got a phone call from the finance dept telling me that US BANK didnt approve the loan because they dont do that long of a contract. (84 mo). They then wanted me to come in to re-sign papers for another lender.
That set off the red flags with me. I asked the finance people in the dealership I work at and they said they have violated the BUSHING LAW and that the financing should have been finalized within 4 days.
It states this on the BUSHING LAW notice on the back side of the Motor Vehicle Purchase Agreement.
reads as follows: "Please take notice that within four(4) calendar days, exclusive of Saturday,Sunday,or legal holiday, we will notify you, in the event it occurs,that the intended financing is or is not approved.
In the event it is not approved, we are required by law to void the contract and ask that you immediately return to us the motor vehicle you intended to purchase with us tendering in return to you any intial payment or security made or given by you, including but not limited to money,check,promissory note,vehicle keys,trade-in,or certificate of title to a trade-in."
I called them back and told them I was not resigning any papers. I returned the truck the next evening. The sales manager and finance guy would not accept the key or issue any type of reciept for returning the truck. Left the key on his desk and left the dealership.
The sales manager called me several times after I left the dealership demanding I return the gas gift cards I was promised at the time of the sale 40 days prior. And also the check they sent to the person that referd me to the dealer as a finders fee. Also stating he would get me an additional 2000.00 for my trade and drop my payment 40.00 per mo if I resigned. I again declined. He called a few more times basicly begging me to make the problem go away because he said he would prob be fired.
I figured it was all part of the sales ploy...
They also told me that the dealer could assume the loan and I would have to pay them the payments.
The way I read it is they must void the contract. I must return the truck ( i have done this) and they must return my trade...
I have already turned this into the WA STATE ATTORNEY GENERALS OFFICE and the DEPT OF LICENSING, just waiting for replies from them. I know they take these complaints very seriously.
Am I still on the hook for the truck?
I purchased a used Pickup truck on Nov 30th 2007 from a Toyota Dealership. I traded in my vehicle. It was to be financed through US BANK for X amount of $$ for X period time.. The dealership paid off my trade on Dec 7th.
Now on January 8th 2008 I got a phone call from the finance dept telling me that US BANK didnt approve the loan because they dont do that long of a contract. (84 mo). They then wanted me to come in to re-sign papers for another lender.
That set off the red flags with me. I asked the finance people in the dealership I work at and they said they have violated the BUSHING LAW and that the financing should have been finalized within 4 days.
It states this on the BUSHING LAW notice on the back side of the Motor Vehicle Purchase Agreement.
reads as follows: "Please take notice that within four(4) calendar days, exclusive of Saturday,Sunday,or legal holiday, we will notify you, in the event it occurs,that the intended financing is or is not approved.
In the event it is not approved, we are required by law to void the contract and ask that you immediately return to us the motor vehicle you intended to purchase with us tendering in return to you any intial payment or security made or given by you, including but not limited to money,check,promissory note,vehicle keys,trade-in,or certificate of title to a trade-in."
I called them back and told them I was not resigning any papers. I returned the truck the next evening. The sales manager and finance guy would not accept the key or issue any type of reciept for returning the truck. Left the key on his desk and left the dealership.
The sales manager called me several times after I left the dealership demanding I return the gas gift cards I was promised at the time of the sale 40 days prior. And also the check they sent to the person that referd me to the dealer as a finders fee. Also stating he would get me an additional 2000.00 for my trade and drop my payment 40.00 per mo if I resigned. I again declined. He called a few more times basicly begging me to make the problem go away because he said he would prob be fired.
I figured it was all part of the sales ploy...
They also told me that the dealer could assume the loan and I would have to pay them the payments.
The way I read it is they must void the contract. I must return the truck ( i have done this) and they must return my trade...
I have already turned this into the WA STATE ATTORNEY GENERALS OFFICE and the DEPT OF LICENSING, just waiting for replies from them. I know they take these complaints very seriously.
Am I still on the hook for the truck?