10/19/12, 8:08 pm
I was financed through a bank for a vehicle and drove it off the lot the same day. I was given instructions on how to contact this bank and how to set up payments. When it came time for my first payment however, I noticed that the bank didnt accept my payment. I called the bank and they told me that my account has been terminated. Worried, I then called the dealership and they said that the loan was returned because the bank couldnt get ahold of me, and that they were going to try to get me financed with another bank. I called the dealership several times over the next week and they kept telling me they are busy, or that they are trying their best. Eventually it came to the point where they would not talk to me. It seemed like they were avoiding me. I figured that they would call me or leave a message on my answering machine when they got the situation handled..they never did. 6 months later and almost 8k miles more on the car, and I still have the car in my possession, unfinanced. Over the summer, I recieved a title for the car with this bank as a leinholder. But this bank returned the loan so I AM NOT financed through them... What happens now? Do I return the car and ask for my down payment back? ($2,000) Will the dealership try to charge me for depreciation for the milage I put on the car? Did they avoid me all this time because they know they messed up? I recently bought a truck so I dont have a problem if I HAVE to return this car. I just dont want to hand it over if I am entitled to anything, especially when they avoided me and my calls for months.
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United States   |   New York  |  Consumer Law
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Arkady Bukh Says:

Oct 25,2012 2:47 PM

Well, your question cannot be answered easily on the internet. You need to take your contract of sale and the title to an attorney in your area and discuss it with them. This unpaid loan could be ruining your credit rating so you should also take a look at your credit reports. Also how have you reported this car to your insurance company? Do they have the bank as a lienholder? Definitely discuss this with them, because an accident in this car could give rise to a flurry of liability issues. Also document everything you have done about this problem and also all the calls that you made and are making to the dealer. Until you speak with an attorney you should drive the car as little as possible since you now have a truck. Do not hand the car right back to them until you have spoken with an attorney. Have they even asked you to return the car? Do yourself a favor as this is a slippery area of commercial law and contact an attorney right now.

Arkady Bukh
Bukh Law Firm, P.C.
14 Wall Street,New York, NY 10005

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