Returned Vehicle, now in collections after payment changed

[MagicA55]

What is the name of your state?Arizona
I picked up a car to purchase on or about May 31, 2018. the Dealership had 30 days to secure financing. The finance company stated they could not prove residency because I had not signed my lease at my new apartment and could not process the loan. On June 19th I returned the car to the dealership because I could not afford it. On June 20th the finance company pushed the deal through without proving my residency and changed the payment amount. The owner and the salesman at the dealership say they called the police to pick up the vehicle and the police drove it to my apartment and left the vehicle there with the keys in the glove box. I called the police department and they denied any such action. No one can tell me what location the vehicle was "dropped off" to. Now I don't have the car and the finance company is demanding payment. I did not sign the final paperwork and the payment amount was changed from what we agreed upon. What can I do to get out of the financing? Can they approve a loan with out proving residency?

 

[Zigner]

You bought the car. It's yours. I would report the car to the police as missing/stolen and let them talk to the dealership to find out what they did with it.

Yes, they can approve a loan based on your statement of what your address is.

 

[LdiJ]

What is the name of your state?Arizona
I picked up a car to purchase on or about May 31, 2018. the Dealership had 30 days to secure financing. The finance company stated they could not prove residency because I had not signed my lease at my new apartment and could not process the loan. On June 19th I returned the car to the dealership because I could not afford it. On June 20th the finance company pushed the deal through without proving my residency and changed the payment amount. The owner and the salesman at the dealership say they called the police to pick up the vehicle and the police drove it to my apartment and left the vehicle there with the keys in the glove box. I called the police department and they denied any such action. No one can tell me what location the vehicle was "dropped off" to. Now I don't have the car and the finance company is demanding payment. I did not sign the final paperwork and the payment amount was changed from what we agreed upon. What can I do to get out of the financing? Can they approve a loan with out proving residency?

You are probably going to have to sue the dealership both for the car that they appear to have dropped somewhere and to get them to pay back the finance company to unravel the deal. They are playing these games because they do not want to pay back the finance company.

 

[LdiJ]

This:

. I did not sign the final paperwork and the payment amount was changed from what we agreed upon

 

[Zigner]

What "final paperwork" does she think she still needs to sign? Does the contract allow for a different payment amount? How much is the new payment vs the old payment?

 

[MagicA55]

You bought the car. It's yours. I would report the car to the police as missing/stolen and let them talk to the dealership to find out what they did with it.

Yes, they can approve a loan based on your statement of what your address is.

Well the finance company told me they could not approve the loan without proof of residency and they emailed me 3 different options of paperwork to turn in to prove residency. I did not have any of the items they requested. And how can you say I purchased it when they changed the payment amount from what we initially agreed upon. That's not the paperwork I signed

 

[MagicA55]

This:

If we agree on a specific amount say 1000 down and 350 a month at 1.8% financing for 48 months. The dealership has 30 days per the contract I signed to get that option. If they loan company says no we want more money down, or no we want this monthly payment, or no this is the finance rate, I can either agree or decline and return he vehicle with no strings attached. I have done it before. This time they changed the payment amount, but I never agreed to it or singed the final paperwork to agree to the new payment amount.

 

[LdiJ]

Well the finance company told me they could not approve the loan without proof of residency and they emailed me 3 different options of paperwork to turn in to prove residency. I did not have any of the items they requested. And how can you say I purchased it when they changed the payment amount from what we initially agreed upon. That's not the paperwork I signed

Your problem is not with the finance company, its with the dealership. They breached their contract with you.

 

[Zigner]

Well the finance company told me they could not approve the loan without proof of residency and they emailed me 3 different options of paperwork to turn in to prove residency. I did not have any of the items they requested. And how can you say I purchased it when they changed the payment amount from what we initially agreed upon. That's not the paperwork I signed

Frankly, we are not privy to the contract that you signed. It's entirely possible that the new amount is allowed per your contract. Contract review is beyond the scope of this (or any) forum. Please contact a local attorney for further assistance.

 

[MagicA55]

Your problem is not with the finance company, its with the dealership. They breached their contract with you.

My problem is with both the finance company and the dealership. The emails regarding proving residency were from the finance company. I told them I did not have the documentation to prove residency. Then after I returned the vehicle, they mysteriously were able to push the loan through. The police are investigating because the dealership told me the police picked up the vehicle and the attorney general is investigating because I filed a complaint.

 

[Zigner]

The finance company is free to approve the loan based on whatever criteria they feel is appropriate. There is no law that says you have to provide a copy of your lease as a proof of residency. Does your driver's license have your address on it? If so, then you're good to go.

ETA: To be clear - I agree that your beef is with only the dealership, not the finance company. Best of luck to you.

 

[adjusterjack]

That's not the paperwork I signed

Do you have the paperwork that you did sign?

 

[HRZ]

The contract language as to each party's options if the stated financing is unavailable is critical...and missing

If the lender agreed to the original contract terms inside of 30 days....you bought the car.

 

[MagicA55]

The finance company is free to approve the loan based on whatever criteria they feel is appropriate. There is no law that says you have to provide a copy of your lease as a proof of residency. Does your driver's license have your address on it? If so, then you're good to go.

ETA: To be clear - I agree that your beef is with only the dealership, not the finance company. Best of luck to you.

.

The contract language as to each party's options if the stated financing is unavailable is critical...and missing

If the lender agreed to the original contract terms inside of 30 days....you bought the car.

the lender did not agree to the original contract terms. the monthly payment amount was adjusted and the interest rate was changed.

 

[MagicA55]

also no my License did not have the correct address, nor did my proof of income. That was one of the issues. The address on the loan application was my previous address. when they tried to verify it, it came back unapproved. So they requested documentation of my new address which I did not have because I had not signed the lease to move in yet. they then stated I could turn in a utility bill which I did not have. They then stated they could not approve the loan without the documentation.