financial purchase of autos

I bought a car in Feburary, made the first
paymentwhich was a week late. The dealer wanted 1,000 down, which I didn't have at the time. I put $400.00 down and then the
600.00 was due at the time of my first payment on the car in march. In coversation
with the bank I told them about oweing the
dealer 600.00 and that's why I was haveing
I was late with the first payment.
The bank evidently(after the first payment was made.)made the dealer take back the
contract. Now since this happend the dealer
repoed my car. since there was no financing
Nobody ever informed me that there was a problem. The dealer tells me that I'm out
the 400.00 and my trade in. therefore, I
have no car. Is there something wrong with
what the bank or dealer is doing here?

A lawyer would have to look at the exact papers you signed, but from here it looks as if your failure to pay is what caused the problem. $400 is not a high price to pay for your default. Now I don't know what your car was worth, but if it was worth a lot, then I'd suggest the total penalty was unconscionable. Small claims court may be a way to get this solved.

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