Car depreciation cost

[ERROS]

What is the name of your state? PA

Last year I bought a 1994 Isuzu Trooper, for about 12,000.

I was sending my payments to the bank where the loan was being financed.

The bank continously tried to contact me because they had no idea where the
title for the SUV was. I then contacted the dealership so that they could
straighten this out.

It was a few months later when I found out that their financial officer was
fired and that dealership needed me resign the contract. Reluctantly, I did.
I really wasn't sure what my rights were.

Anyhow, the years payments, before I resigned the contract, were not going
towards the purchase of the SUV. The money was still in my bank. (I should
of still put the amount towards the SUV) But really how many people do you
think would of done so.

Bottom-line: I still owe 8,000.00 on the SUV, but the SUV is only valued at
1,000.00. I am now in a predictament. I need a new SUV. However, in order
for me to have it financed I have the 8,000.00 added to the loan amount.

Question: Was that negligent business practices and could I do anything
about it. I was really relying on their expertise, in a business to consumer
realtionship.

I would really appreciate any advice that you may have. I also have to add
that the dealership was involved in other illegal matters.

Jerry Marinos
(724) 938-9437

 

[JETX]

Your post says that the years payments on the vehicle were never paid, so you have had the 'use' of that money for this full period of time. In essence, those payments should be included in your 'assumptions' of value, meaning that the current amount owed, technically is reduced by the amounts retained.

On the surface, I can't help but feel that your purchase price of $12k for what was almost a 10 year old vehicle may have been foolish.... and a poor purchase decision. If that is the case, then you have no recourse against the dealer for your own error.

Also, I find that your post makes no mention of any vehicle change (damage, mileage, etc.) that could also affect the difference in value (from purchase to now).

"Question: Was that negligent business practices and could I do anything about it."
*** Based solely on the information in your post, I doubt that there is any action you can take. There might have been if you hadn't signed the new contract, but by doing so, you simply accepted the issue.

"I was really relying on their expertise, in a business to consumer realtionship."
*** That was a huge mistake. The dealers goal is to sell you a car for the highest price they can. Your goal is to pay as little as you can. There is no 'assumption' that you can rely on their 'expertise'.