bought a new car, signed contract, finance co. wants a phone in our name, wants to pay for it, but, we will actually not have a cell phone contract, the cell phone company is faking a contract and sending it to the finance co. Is this illigal? Isnt this fraud? The car dealership is paying for a cell phone in our name for 30 days and says we can cancel the contract, or the fake contract after 30 days is up. When we signed the note on this car, there was no mention of a phone being in our name, now 2 weeks later, the finance company wants to change their decision if we dont have a phone to show our address on a bill. dont know what to do..dealership wants the car back if we do not do this cell phone thing today....HELP!
2007-07-19 11:13:06 · 7 answers · asked by petsmom6 1 in Business & Finance ➔ Credit
Auto finance is what I do for a living and this is what happened the approval that the dealership got from the lender stated that a phone bill was required for them to process the loan. This is normal for Special Finance.
When the dealer found out that you do not have a phone in your name they offered to get you one so the contract would get funded by the bank.
The finance company is not changing their minds, the dealer has known this since they got the original approval.
Actually they are trying to help you get the car by offering to get the phone for you.
If you refuse, the terms of the approval will not have been met and the lender will return the contract and you will have to return the vehicle.
They can not keep your down payment. You most likely signed whats called a spot delivery agreement so they can charge you for the miles you put on it and refund you the difference.
2007-07-19 11:34:58 · answer #1 · answered by ? 7 · 3⤊ 0⤋
you have a contract and you should not have to commit fraud to be able to keep the car. Tell the finance company that you will call the police to see if it is legal for them to ask you to do this. If the finance company insists you need a phone # then go buy a VIRGIN MOBILE pay as you go phone at target for $20 and get a phone #. Do you have anything else to show your address on a bill like the electricity, rent receipt or gas bill? The car dealership can ask for the car back if they can't finance you but you should get all your money back if they do. If they put phone service in your name and you cancel the contract you will probably be liable for a disconnect fee of $150 or more. Do not let them do this.
2007-07-19 11:28:59 · answer #2 · answered by bubbles 5 · 0⤊ 1⤋
Yeah I would definitely get a lawyer for that. But before that it would be best to re-read and re-read again your financing contract. Note anything that looks even slightly out-of-line and bring this to your lawyer's attention. Bring the papers themselves as well of course. Frankly that's messed up and it shows just how all these banks care about is taking your money. If Wells Fargo does shady business to you like this, especially with a big investment like a car, you should really take your business elsewhere. Find out if you can refinance with another bank. Show Wells Fargo just what a disgruntled customer you can be. If they still don't get it together, pull out any checking and savings you have with them and put it in Bank of America or something. It's your money- don't let someone else mess around with it. Act now.
2016-05-17 21:53:17 · answer #3 · answered by ? 3 · 0⤊ 0⤋
This sounds like a big scam, in order for you to get the car little shady dealings going on here. The phone is needed so if there is a problem with payments that they can get a hold of you, if they cannot the loan will not go through. Your decision as to what you want to do here.
2007-07-19 11:22:19 · answer #4 · answered by Pengy 7 · 0⤊ 0⤋
I am not an attorney, but I always thought the purpose of a contract was to make sure that the parties involved came to a certain agreement and by signing the contract, all parties involved are acknowledging and confirming the written agreement and its contents will be enforced and honored. So to answer your question, I don't think so.
2007-07-19 11:23:02 · answer #5 · answered by cpaige517 2 · 0⤊ 1⤋
read the contract.... before you sign it next time.
2007-07-19 11:21:54 · answer #6 · answered by Todd D 1 · 0⤊ 1⤋
OF COURSE NOT. WHAT WOULD BE THE OBJECT OF YOUR SIGNATURE IN THE FIRST PLACE?
2007-07-19 11:19:35 · answer #7 · answered by bksooy 2 · 0⤊ 0⤋