Returned Vehicle, now in collections after payment changed

[Zigner]

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

You sure are dancing around the question.

 

[LdiJ]

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.

Your beef is still with the dealership. You returned the car to them. They should have cancelled the transaction with the finance company and should NOT have left the car on the street somewhere. In fact, I bet the car is on their premises, somewhere.

 

[LdiJ]

You sure are dancing around the question.

Why do you call that "dancing around the question"? How more precise do you want it stated?

 

[Zigner]

Why do you call that "dancing around the question"? How more precise do you want it stated?

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?

The second and third questions were ignored.

 

[MagicA55]

Do you have the paperwork that you did sign?

yes

 

[MagicA55]

Your beef is still with the dealership. You returned the car to them. They should have cancelled the transaction with the finance company and should NOT have left the car on the street somewhere. In fact, I bet the car is on their premises, somewhere.

I agree. I believe the dealership still has the car. the police department looked up the VIN number and it ahs not been reported stolen, nor is a new purchase on it. I am frustrated because both the police department and the attorney general (AG) seem to be moving pretty slow with the investigation. It is also difficult to find an attorney to assist me. I have been calling and leaving messages, but nothing so far. I believe the dealership is avoiding the calls from the police and the correspondence from the AG. At this point the dealership has the vehicle and the money for the vehicle and all I have is a collection department calling about a vehicle I no longer have.

 

[MagicA55]

The second and third questions were ignored.

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 and the interest rate, but I never agreed to it or singed the final paperwork to agree to the new terms. I have purchased several cars from this dealer and there is always a second set of paperwork to sign after the finance company agrees to the loan because the terms were changed. If I say no I don't agree, then I give the car back and we part ways or they try a different bank or new terms. My initial contract says they have 30 days to obtain financing and the terms we initially agreed upon. This is the first time we have not worked out a deal. That is why I am so surprised at what is happening.

 

[Zigner]

See, LdiJ? Dancing around the question(s).

 

[MagicA55]

See, LdiJ? Dancing around the question(s).

what quest am I dancing around. You asked if the contract allows for changes. Yes, they have 30 days to get the financing we agreed upon. If they don't get the exact terms we agreed upon, I don't have to take the loan. The payment difference is $10 a month and I believe there is 1.8% original finance amount change to 8.5% amount. I know the process. they asked for 1000 down then said 1500 and I said no. so he went back to a different finance company and found one that would take 1000 down, but not the agreed upon monthly payment and a different finance rate. Both of those changes alters the original agreement.

 

[LdiJ]

what quest am I dancing around. You asked if the contract allows for changes. Yes, they have 30 days to get the financing we agreed upon. If they don't get the exact terms we agreed upon, I don't have to take the loan. The payment difference is $10 a month and I believe there is 1.8% original finance amount change to 8.5% amount. I know the process. they asked for 1000 down then said 1500 and I said no. so he went back to a different finance company and found one that would take 1000 down, but not the agreed upon monthly payment and a different finance rate. Both of those changes alters the original agreement.

Again, your only real option at this point is to sue to dealer to force them to give the money back to the finance company to undo the deal. The police can't help with that and its marginal as to what the attorney general can do.

I assume that you insured the car? If so, you need to notify the insurance company about what is going on.