CarFinancing #VehicleRepairs #Options
What Went Wrong with Car Financing?
It seems like you’ve run into a difficult situation where the car financing fell through after you had already put money into necessary repairs for the vehicle. The dealer informed you that the bank would only offer a portion of the funds due to the loan to value ratio. This unexpected turn of events has left you feeling blindsided and unsure of your options moving forward.
Your Options Moving Forward
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Make Up the Difference with a Down Payment: One option presented to you is to make up the difference in funds through a down payment. This may not be an ideal solution, especially considering the lack of communication from both the dealer and the bank.
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Get Financing Through the Dealer: The dealer also suggested getting financing through them, which they referred to as the "normal" route for most people. However, given your current trust issues with the dealer, this may not be a favorable option.
- Returning the Vehicle: While not explicitly mentioned by the dealer as an option, you are considering returning the vehicle due to the lack of transparency and trust issues. However, the major concern is whether you will be able to recoup the money you already invested in repairs.
Seeking Legal Advice
Given the complexities of the situation and the lack of communication from both the dealer and the bank, it may be advisable to seek legal advice. An attorney specializing in consumer rights and contract law may be able to provide guidance on whether you have any legal recourse to recover the money you spent on necessary repairs for the vehicle.
Sharing Similar Experiences
If you have experienced a similar situation or have any advice to offer from either side of the fence, it would be beneficial to hear from others who may have navigated similar challenges in the past. Sharing experiences and insights can provide valuable perspectives on how to approach this frustrating scenario.
In conclusion, it’s essential to evaluate your options carefully and consider consulting with a legal professional to assess your rights and potential courses of action. Transparency and communication are key in any financial transaction, and it’s crucial to advocate for your rights and interests in this challenging situation.
Why don’t you just take the dealer financing? Did you get their terms? It’s normally not that bad
You need to see exactly what your contract states in regards to this.
As a practical matter, the dealership is unlikely to want to pay you for the repair that you performed. You can ask for it, but if they push back, then you have to consider if it is worth it to go through the hassle of trying to force them to reimburse you. Given you don’t seem to have any complaints about the car, I think I would opt for either putting down additional money or exploring other financing in the case the dealer is not willing to reimburse for the repairs.
This sounds like a scam. I wouldn’t do a thing until getting a full explanation from the bank is a way consistent with your loan agreement. I certainly wouldn’t pay anything to the dealer.
Did the *Bank* tell you that **they** cancelled the contract, or did they say that *the Dealer* canceled the contract?
It sounds to me like the dealer’s being seriously shady. I wouldn’t trust them farther than I could throw the car.
If the bank confirmed his story – rather than saying that *he* canceled the contract as you described – and if you didn’t sink much into the repairs, I’d just let it go as lessons learned. If you sank in a ton of money – like, a year’s worth of payments – I would consider looking for a lawyer and seeing if an argument could be made that since he didn’t notify you within a reasonable time period the repair costs should be repaid.
If the bank *didn’t* confirm the story, I would report him to the police and/or local consumer protection group for fraud, return the car, and demand all money spent on repairs back. Lying about not being able to get a loan so they can push it to somewhere else is fraud.
The bank said the dealer cancelled….
You need to dig into that and get a full picture of what has happened here.
Either do the dealer financing if terms are the same or sit in the finance office and call your bank on speaker until there is a resolution. Stop playing the telephone game. Just get them both talking at the same time where you can hear what’s being said.
This is a common high pressure tactic to force you to put more money down than you otherwise would. Point out to them that they already agreed to the terms of the sale. Anything else is not really your problem.
If they try to repo, sue them for breach of contract, and ALL costs.