We recently got a loan for a car and the car dealer could not get the loan apporoved so we made a second down payment was needed. We were then told that the second installment of the down payment could be paid later. The car dealer told us that the down payment is something he himself would repossess the car over and that he would "turn the other way" after we told him we would not sign another contract because we knew we could not afford it until a little later. a few weeks pass and I lose my job and get another job (Me being the cosigner) the bank denies the loan and the salesman comes and takes the car. The sales man then says if i have proof I have another job we can have the car back. Alternatively he says that if i cannot provide proof or refuse to resign he will finalize the reposession. So we signed another contract, the only thing was that he wanted to keep the contract. as u can probably tell there are a lot of questions I have about my rights.
2007-01-04 16:52:30 · 4 answers · asked by eric u 2 in Cars & Transportation ➔ Buying & Selling
Sounds to me like you bought your car from a buy here pay here dealer, which means the dealer actually provided the financing himself and you are pretty much at his mercy. If it was traditional financing where you signed a bank contract you would make your down payment to the dealer and then make your payments to the bank. Basically the loan is between you and the bank and the bank is the only one who can repo your vehicle. The bank should have a title and I hope you kept all of your paperwork, and then the dealer has no recourse on you.
Like I said though if this was a Buy Here/Pay Here your SOL and the dealer can come get the vehicle once you default on any part of your contract.
2007-01-05 08:42:39 · answer #1 · answered by shane m 1 · 0⤊ 0⤋
maximum of our autos have been Toyota's. We offered approximately 5 of them from the same vehicle lot, from the same salesclerk. No, he replaced into not truthful and that i advised him so. He stated that there at the instant are not any truthful revenues human beings. From autos to properties or fridges. people who sell issues are purely like politicians. no rely how trustworthy they're, all of them lie. there is amazingly little honesty whilst money is in contact.
2016-12-12 04:13:08 · answer #2 · answered by ? 4 · 0⤊ 0⤋
It's an old scam run by dealers all the time, depending on the state, he may have comitted a crime though.
2007-01-04 17:01:32 · answer #3 · answered by columind99 6 · 0⤊ 0⤋
why do people do this to themselves???????????????//
2007-01-04 16:55:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋