Getting Scammed by Car Dealership?

[lissax89]

I have been with my finance company for 15 months. Payments always paid in full, on time. I tried to make my July payment and was told by my finance company that my account had been closed due to an unwind and the dealership paid the loan off. I called the dealership, they said they bought the loan but had no proof that they purchased or even a copy of my contract. I called my finance company back, more than 6 people (including a manager) assured me that they would not have sold my loan due to my good standing and did not sell my loan. They sent the title back to the dealership. Then informed me that because it was an unwind I was entitled to all my payments back. They also sent that check to my dealership. They added that they do that to ensure the dealership gets the vehicle back. I also have 2 letters of paid in full. The dealership continues to say that they purchased my loan and they will "get back to me soon" about how I can make a payment. They also requested I sign new paperwork which should not be necessary if said contract was just purchased. After talking to my finance company and a few others, we feel that they called it an unwind so they only had to pay what I was originally loaned without adding any accrued interest. Then that they will probably keep my reimbursement check and try to force me into a new contract for my car. I was also told by a lawyer to call my tag office and see who is listed as the lein holder. There is no lein holder listed but it lists me as the owner. I am so far beyond lost! Please help!!

 

[quincy]

I have been with my finance company for 15 months. Payments always paid in full, on time. I tried to make my July payment and was told by my finance company that my account had been closed due to an unwind and the dealership paid the loan off. I called the dealership, they said they bought the loan but had no proof that they purchased or even a copy of my contract. I called my finance company back, more than 6 people (including a manager) assured me that they would not have sold my loan due to my good standing and did not sell my loan. They sent the title back to the dealership. Then informed me that because it was an unwind I was entitled to all my payments back. They also sent that check to my dealership. They added that they do that to ensure the dealership gets the vehicle back. I also have 2 letters of paid in full. The dealership continues to say that they purchased my loan and they will "get back to me soon" about how I can make a payment. They also requested I sign new paperwork which should not be necessary if said contract was just purchased. After talking to my finance company and a few others, we feel that they called it an unwind so they only had to pay what I was originally loaned without adding any accrued interest. Then that they will probably keep my reimbursement check and try to force me into a new contract for my car. I was also told by a lawyer to call my tag office and see who is listed as the lein holder. There is no lein holder listed but it lists me as the owner. I am so far beyond lost! Please help!!

What is the name of your state?

 

[lissax89]

Ga

Georgia is the state I live in.

 

[adjusterjack]

I strongly suggest that you:

1 - Put aside whatever your payments are and don't spend the money. This will eventually get fixed and if you have to come up with several payments and don't have the money put aside, you're gonna lose the car.

2 - Don't sign any new contracts. Period. Whatever the dealer did, you are only bound by your original contract terms.

 

[lissax89]

I strongly suggest that you:

1 - Put aside whatever your payments are and don't spend the money. This will eventually get fixed and if you have to come up with several payments and don't have the money put aside, you're gonna lose the car.

2 - Don't sign any new contracts. Period. Whatever the dealer did, you are only bound by your original contract terms.

I completely get what you're saying and agree. The problem is though, that when the dealership told my finance company they were unwinding the deal, that canceled my contract. This is what the bank said to me. There is no more original contract because the dealer unwound the deal. No one I have spoke to, even other dealerships, has ever heard of an unwind so far into a deal. So what SHOULD happen on an unwind is that I get reimbursement from the finance company and the down payment I made on the car back and return the car. HOWEVER, the dealership is saying the contract was bought and to just pay the dealership directly in cash. But on my credit and according to the bank, there is no more contract.

 

[LdiJ]

I completely get what you're saying and agree. The problem is though, that when the dealership told my finance company they were unwinding the deal, that canceled my contract. This is what the bank said to me. There is no more original contract because the dealer unwound the deal. No one I have spoke to, even other dealerships, has ever heard of an unwind so far into a deal. So what SHOULD happen on an unwind is that I get reimbursement from the finance company and the down payment I made on the car back and return the car. HOWEVER, the dealership is saying the contract was bought and to just pay the dealership directly in cash. But on my credit and according to the bank, there is no more contract.

The contract was between you and the dealership. They cannot cancel that without your approval.

I suspect that the problem just might be the fact that the title shows no liens on it. That would mean that you own the vehicle free and clear and the bank had no protection, therefore the dealership had no choice but to unwind the deal with the bank. I echo the previous advice to save your payments on the car so that you have the money available to pay to catch things up, in a lump sum, when necessary.

Sign nothing new...at all.