Auto Finance - Received Title on new car

[Tritium]

What is the name of your state (only U.S. law)? Washington State

Earlier this year, I purchased a new vehicle. The dealer made several assurances regarding circumstances and issues relating to my particular loan, most (if not all) were complete lies. Turns out they submitted the titling information with no lienholder liested.

I am paid ahead in my loan payments, so no reason they would try to repo, but what options would be available that might help resolve the utter lies that which led to the purchase? I'd think the only obvious action would be filing bankruptcy to get out from underneat the loan.

My intent isn't to screw anyone, just miffed regarding the interest, which had been changed, but the process involved redoing paperwork several times.

Any suggestions or constructive thoughts welcome.What is the name of your state (only U.S. law)?

 

[Kiawah]

A little confused. Your title suggests that the problem is that you received the title to your car, which doesn't specify that there is a loan on the car.

But your real question appears to be something related to the loan itself. In that the dealership originally quoted something, you perhaps have redone the loan paperwork a couple times, and what you realize now is that the interest that you have signed...is different than what you originally thought you were getting. Is that correct?

And if so, what you are asking now...is that is there anything that you can do about it, since you've already signed paperwork agreeing to a higher interest rate and specific payments. Is that correct?

And one remedy to paying for this loan you feel, is to turn the car back in, and declare bankruptcy so you don't have to pay it anymore......

 

[racer72]

Why would you want to destroy your credit rating because of a questionable car loan? A better option would be finding your own financing that meets your expectations. As far as the title to the vehicle, the state will not issue a title or vehicle registration without a registered owner and a legal owner.

 

[Tritium]

...

It's a new car loan, I have the title, GMAC is not listed as a leinholder, or even listed. The title is in my name as if I am the free and clear holder of the vehicle. Even though I am paying monthly payments to GMAC.

When I could have given the vehivle back , having noticed the error, the finance person explained that I should wait until my information from GMAC arrives, and see if they can fix over the phone. He didn't tell me he sold my loan to GMAC, because the entire time, he told me that GMAC locked the higher interest rate, and he had no control over that aspect of the loan. When I called GMAC, they told me the amount is for the life of the loan. Having done business previously with GMAC, as well as GM, I put forth an application for autoloan financing. I receieved a call from a local dealership, and they said I wad been approved, how about test driving, I said.. sure.. under the impression the loan had already been approved.

Long story, I have sucky credit, it shouldn't be, but every effort to remove, validate the existing claim etc... I get no proof a debt is owed by me, or anything more than a "Sir, it's under your name and credit report, it has to be yours."

Though I am not looking to do a bankruptcy, as that would be the only option I could think of keeping the car, and out from the loan, since the title isn't in GMAC's name.

 

[justalayman]

Tritium;2082148]It's a new car loan, I have the title, GMAC is not listed as a leinholder, or even listed. The title is in my name as if I am the free and clear holder of the vehicle. Even though I am paying monthly payments to GMAC.

but I'll bet your loan agreement states otherwise. The lack of a lein does not mean they do not have the abiolity to repo it if it comes to that. All a lein does is prevent you from assigning the vehicle to another person without having the lein released.

When I could have given the vehivle back , having noticed the error, the finance person explained that I should wait until my information from GMAC arrives, and see if they can fix over the phone. He didn't tell me he sold my loan to GMAC, because the entire time, he told me that GMAC locked the higher interest rate, and he had no control over that aspect of the loan. When I called GMAC, they told me the amount is for the life of the loan. Having done business previously with GMAC, as well as GM, I put forth an application for autoloan financing. I receieved a call from a local dealership, and they said I wad been approved, how about test driving, I said.. sure.. under the impression the loan had already been approved.

the dealership does not make the terms of the loan. The lender did. The dealerships, generally, are not the lender, at any time. They are simply taking info for the lender. It is up to a lender to approve or deny and set the terms.

Long story, I have sucky credit, it shouldn't be, but every effort to remove, validate the existing claim etc... I get no proof a debt is owed by me, or anything more than a "Sir, it's under your name and credit report, it has to be yours."

Doesn;t sound like you are doing everything you can to clear a possible erroneous entry on your CR.

Though I am not looking to do a bankruptcy, as that would be the only option I could think of keeping the car, and out from the loan, since the title isn't in GMAC's name.

Don't be ignorant. As I stated previously, the lack of a lein does not alter the fact you have a loan with this vehicle listed as collateral.
On top of everything else, what makes you think you would get to keep the car in a BK and what makes you think you would get to keep the car without paying for it?

A trustee can force you to sell a vehicle but since this is a secured loan, you would simply get to turn it back to GMAC and any definciency would most likely be wiped.