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  1. #1
    Join Date
    Mar 2006
    Location
    Toledo, OH
    Posts
    126

    Default Dealer Wanting To Take Back Vehicle After A Month

    Help in Ohio!
    We purchased a 2005 Dodge Ram quad cab on Feb. 12th 2006 and used our 2001 Dodge Ram as a trade in and put down a $1,000.00. Bank approved, papers signed and keys handed over. Our trade in was sold with a few days as well. We were told that within 15 days we would receive paper work in the mail to have the plates transferred etc...along with payment info. Nothing received and got the run around when we called. Over a month later the dealership is telling us that they may have to take back the 2005 and try to get back our 2001 from whoever they sold it to. We also have the bank from the 2001 contacting us telling us that we are now going on 2 months behind in payment for a truck we no longer own.
    Can someone please give me some insight on how this can be and what can be done about it?

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Dealer wanting to take back truck after a month

    The problem is what? That your financing fell through?

  3. #3
    Join Date
    Mar 2006
    Location
    Toledo, OH
    Posts
    126

    Default Re: Dealer wanting to take back truck after a month

    Yes - that is what happened and it has taken them this long to tell us. We were told that we were bank approved, given payment amounts, when payments are due etc. And now they claim the bank that agreed to finance backed out. How can this happen after paperwork is signed and keys handed over? Is over a month too long to tell us?? I could see within a few days.....and our 2001 is sold to someone else and they are trying to get that back and what if our old truck isn't in the shape that it was turned in to them?

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Dealer wanting to take back truck after a month

    How could they have sold your trade-in if they didn't pay off the loan to clear the title? Something's fishy there. Talk to the lender on the trade-in and explain the situation, to try to keep them from damaging your credit with negative entries.

    In terms of the new vehicle, your options appear to be (a) get a new loan, (b) find some other way to pay for it without getting a new loan, or (c) return it.

  5. #5
    Join Date
    Mar 2006
    Location
    Toledo, OH
    Posts
    126

    Default Re: Dealer wanting to take back truck after a month

    Is it illegal for them to sell the trade in and not take care of the loan?? And is it possible for them to get back our trade in like they say that they will try to do if they cannot get us refinanced? I don't see how they can just go to the other person and take it back............
    Is there a time frame in which a dealer should contact you if your financing falls through and is there a time frame in which a dealer when selling a trade in has to pay off a loan?

  6. #6
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Dealer wanting to take back truck after a month

    I don't know how it would be possible for them to sell the trade-in to an individual customer without taking care of the loan, as there would normally have to be a release of lien to effect transfer of the title.

    You don't have to rely on them to get you financing. You can go to your bank, credit union, or any other lender to try to secure your own car loan.

    If you were rejected for a loan, you would normally get a notice from the lender indicating why. If you haven't received a statement, contact the lender and ask.

  7. #7
    Join Date
    Mar 2006
    Location
    Toledo, OH
    Posts
    126

    Default Re: Dealer wanting to take back truck after a month

    We are not sure where our financing stands at this time - the dealership has asked for more information. We are not getting any straight answers on anything. I do know know that our trade in was sold to someone else within days of them having it. I do know that they have not taken care of the loan as they said that they would.
    I have read the "Spot Delivery" agreement that was signed on the 12th of Feb. 2007 and it states "that we (the dealership) are unable to obtain 3rd party financing approval or, if applicable, assign the Retail Installment Sales Contract to a 3rd party within 2 days of the above listed date (being the 12th), you shall immediately return the vehicle or pay us the balance due as reflected in the Retail Buyers Order.......You will be notified if financing cannot be obtained. Once you have been notified tht financing could not be obtained, you will have 3 calendar days to return the vehicle...."
    This is well over a month later and they are just now contacting us.... We were not contacted within 2 days of obtaining this truck.
    We have left repeated messages with the finance guy at the dealership - -no return phone calls in the past 2 days and when trying to speak with someone else - we are directed to him. Credit is being ruined by the nonpayment of the other loan and the payoff amount that was given at the time of trade in is no longer valid.
    What can be done??

  8. #8
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Dealer wanting to take back truck after a month

    At risk of repeating myself:
    Quote Quoting Mr. Knowitall
    View Post
    In terms of the new vehicle, your options appear to be (a) get a new loan, (b) find some other way to pay for it without getting a new loan, or (c) return it.

  9. #9
    Join Date
    Mar 2006
    Location
    Toledo, OH
    Posts
    126

    Default Re: Dealer wanting to take back truck after a month

    I get it!............
    IF the truck is returned - - how do we get my trade in back if it is already sold to someone else! And would the dealer have to give back the amount that the took it in for?? Or do I have to continue making payments on a truck that I don't have?

  10. #10
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Dealer wanting to take back truck after a month

    Try figuring that out with the dealer. I still don't know how they could have sold it to an individual customer if they didn't have clear title.

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