Auto Re-Fi Going Badly, Hurting My Credit Probably

[AbideEthicalLaw]

In California
Got a postcard from an auto re-fi arranger outfit which had knowledge of our current auto loan.
Contacted them and terms were acceptable on the re-fi.

They said not to make the due monthly payment to original lender & they would pay off. Payment now a week overdue and I am waiting.

Contacted the new lender, and they said they had given the entire re-fi loan to the arranger, though the new loan in my name.

I have sent arranger an email saying to get the loan paid off, or I will make the overdue monthly payment, and if I do, I will call the whole deal off, saying I will contact an attorney to make a mess of this whole thing. As you can imagine, the arranger probably started the process of transferring the lien with CA DMV, among other many other things far advanced into this deal.

If this becomes a mess with an attorney contact, will the attorney back me up, say I have a case? Can I unleash the attorney to ask for as much as he wants for himself, just so long as my damages are taken care of, and the arranger is punished for shoddy business practices?

Moreover, my overdue monthly payment is putting ME on the hook with the CRAs, not the arranger! What can I do to explain this away...that I was victimized by an re-financing arranger?

 

[adjusterjack]

I'm not clear about something.

Are you saying that the new lender sent all the money to the arranger and your old loan is not paid off yet?

Looks like you've been scammed.

I suggest you make your overdue payment on the old loan ASAP so that lender won't repo the car.

Then deal with whatever happens after that.

And, yes, you now have two active loans that both lenders will expect you to pay.

And where is the loan arranger? Probably with Tonto sipping pina coladas in some pleasant country that has no extradition treaty with the US.