Just bought a new car, now they are messing with me!?

Question

I just bought a new car on Oct 18. Everything was great then i got a phone call from the place i bought the car. I got the call on Nov. 10th. saying that I signed the wrong contract. That Mazda didnt approve my loan but a place called Wachovia did. They told me to brong my 1st months payment with me as well. So we went up there the next day, signed the new contract, the old one was shredded and i gave them my check for the amount of the 1st months payment which was due about a week later. Well i just recieved a phone call today from Wachovia saying that my payment is 11 days late and my credit is drastically dropping. I am FURIOUS! I called the place i bought the car and they said the check cleared. I called wachovia and they said that they are lying. Now they will not return my calls! What do i do?! Im so upset! Thank you for your advice!!

Answer 1

I bet the car salesman pocketed the money, this happend to me once but it was the dealership that lost the money not me

Answer 2

First of all I want you to check your new contract and view the terms to make sure none of the specific numbers have changed from the original contract. This is to make sure they didn't add anything to this new contract or drastically change your interest rate. When you didn't get approved with Mazda it's common for them to have you sign a new contract with a higher interest rate to reflect the new financial institution that you will be going with. What the dealer should do but they don't always do this is to lower the price of the car to reflect the higher interest rate on the new contract. This way your monthly payment doesn't go up on you. The reason you gave the first month check to the dealer was because they needed to forward it to the new financial institution so it wouldn't become late. By the time the new financial institution sends you out your monthly payment booklet your payment would probably be late so the dealer is helping you along in this case. They will not keep your check because I'm sure you made the check out to Wachovia, right? Just to verify who your new lender will in fact be and since Wachovia hasn't received all the new information from your dealer, call the F&I dept. of your local dealership. Ask them to verify who the lender will be on your new contract. Get them to give you a phone number to this lender so you can verify that there is no issue on your new contract and first payment due. That will give you peace of mind. Also, Wachovia telling you your payment is 10 days late when you just signed a new contract reflecting the fact you have a new lender doesn't make sense unless Wachovia was the original lender. It's very common for a dealership to send your contract to several lenders for approval and see who comes back the best. I really wouldn't worry too much about the lender saying your credit is drastically dropping because that's just a standard line when they think payment has not been paid. That's why it's important to call the F&I dept. of your dealership and verify the lender that will be handling your new loan. If you can't seem to get anywhere with the dealership call up the operator to the dealership and find out who the finance manager is and their name and extension. Leave some messages and I'm sure the F&I manager will return your call and straighten out any confusion. Your problem should be an easy fix. Don't lose your cool but get to the bottom of it. I hope some of these thoughts will give you a better idea of what's going on behind the fences. You may e-mail if you wish for any questions. Oh, by the way, your problem is a very common one. Since your dealer had sent your contract to several banks for an original approval this is just a typical and temporary mix up that will be cleared up. Only 1 bank will receive your contract and since your forwarded a check with the re-signing of this contract you have met your liability and no issues should result on your credit report.

Answer 3

Who did you make the check out to? If it was the dealership, ask for the Finance manager and have him work it out with Wachovia (probably a delay in processing paperwork). If it was Wachovia, just show them your bank statement where the check was processed. Your credit score is not going to drop drastically after 11 days. If anything, call Wachovia again and explain to them what happened and fax them a copy of the processed payment from your account.

What day is your payment due? It sounds like they may not have recv'd the second payment.

Answer 4

Well here are a few things you can do

Call your Attorney's General's office and file a complaint
Call BBB (better business bureau) and find out if this car dealer ship has complaints
Call Wachovia back and ask if they do financing for that dealer. (call anonymous)
Have someone call or visit the dealer and shop around and see if they use the same 1st contract for sales

That person doesn't have to commit to actually signing the contract

Call 7 on your side if you have that offer through your news... they will help you. Fox also helps.

Also, call the dealer ship and tell them that you contacted a legal counsel to inquire about the 1st and 2nd contract and that person asked you to fax a copy of both since you saved it, see if you can shuffle some feathers

If they seem nervous, then I would start setting some sparks to the fire. It seems odd someone is not communicating with the other.

If you need more help email me thickndsassy at the yah

Answer 5

first off I had alot of problems with Wachovia bank-switched banks. Did the check you gave to the dealer clear? I would call the person you dealt with at the dealer or better yet go there and find out. Good luck but personally I think wachovia is the bs'er.

Answer 6

Wachovia is a huge bank... so maybe you just spoke with the wrong person.. try calling or loginto your checking account and see if the check was cleared. if not tell the dealership that you think they lost the check and you will maill wachovia a new check for the same money.

you should call wachovia again to see if they got the check yet and that you will be cancelling check number ###. so not to cash it.

Tell Wachovia that you can't believe this is happening, they HAVE to understand, because all new accounts have an unmentioned extended grace period.

Answer 7

Well, you can write a letter to the dealer and explain to them that they need to clear this up for you and copy Wachovia on it. You need to address the highest person in charge in either department. You have to make sure that EVERYTHING is done in writing at this point because something seems suspicious. YOu can threaten to write to the Better Business Bureau if this is not straightened out. In the meantime, you may also contact your credit reports and make a note of what is occuring with these two companies.

Answer 8

Did you get a receipt for the payment? Call the dealer and talk to the finance manager and explain what transpired. They may have not gotten the payment posted immediately. Tell them to contact wachovia to let them know payment was received.

Answer 9

First of all, your credit is not going to drastically go anywhere for being 11 days late. It take at least a month for your credit to be affected. Call Wachovia, fax them a copy of your contract, if they don't already have it, and give them the name of your contact at the dealer. This is a mix up, and will be ironed out. All these answers telling you to go to the BBB or picket, or get a lawyer, etc. are totally jumping the gun. This can be resolved with your best interest in mind, be patient.

You may contact me for additional help.

Answer 10

Call your bank and find out who cashed or deposited the check, the car place or Wachovia. If the car place cashed it and didn't send the money to Wachovia, call the cops because that's theft.

Answer 11

Get a copy of the check from the bank. This way you can see who signed it and it should answer many questions. You need to report this to the Better Business Bureau as well as your Attorney General.

Good Luck

Also -- tell the dealership if it isn't straightened out by tomorrow, that you are giving the car back and they can cancel the loan. And then you are going to buy a car from someone else.