On May 2, 2012 I visited the HACKENSACK CHEVROLET dealership to inquire about a NEW advertised 2012 CHEVY AVALANCHE they had in stock. I also brought my 2010 CHEVY TAHOE to be offered as a Trade-In in the event of me purchasing the NEW vehicle. The sales representative completed an inspection of my 2010 CHEVY TAHOE, discussed it with the Manager and came back offering a Trade-In value of $23,500. We then discussed how the purchase and trade-in would be structured so I would be able to REFINANCE my EXISTING WELSS FARGO auto loan by paying off the 2010 CHEVY TAHOE lien and replacing it the 2012 CHEVY AVALANCHE, which was considerably lower in new retail value. I agreed for HACKENSACK CHEVROLET dealership to secure the financing for the structured auto loan refinance. I left a deposit and went to work. Later that same day I received a call from the dealership advising me to contact a WELLS FARGO Loan Originator and confirm my employment information. I called the number as directed and spoke with your Loan Originator, during the call he DID NOT DISCLOSE that a 2nd AUTO LOAN was to be underwritten instead of refinancing the first as planned. Instead, I was later contacted by the sales representative from the dealership to come in that evening and complete the transaction since WELLS FARGO has approved my financing. Everything was RUSHED and I signed the paperwork, gave the Trade-In and took possession of the NEW VEHICLE following my arrival to the dealership at 9:58PM. I did not learn about the 2nd Auto Loan until I received a call from WELLS FARGO advising me that I have not made any payments on my NEW AUTO LOAN and from watching a news story about the same dealership was fraudulent.
Country relating to Question: United States
State (if USA): New Jersey
Contacted WELLS FARGO customer service, sent complaint letter to WELLS FARGO via FAX, filed a complaint with the NJ Attorney General Consumer Division, sent a complaint to the Bankruptcy Trustee for the Dealership.
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Can I file a complaint suit against WELLS FARGO & the HACKENSACK DEALERSHIP for originating and underwriting a 2nd auto loan instead of refinancing the existing one, getting the pay off from the dealership & for bringing my credit scores down as a result?
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QUESTION: "Can I file a complaint suit against WELLS FARGO & the HACKENSACK DEALERSHIP for originating and underwriting a 2nd auto loan instead of refinancing the existing one, getting the pay off from the dealership & for bringing my credit scores down as a result?"
ANSWER: First of all, I am very sorry for your circumstances and I mean every word of that remark. Accordingly, I am pleased to share some good news at least in terms of your legal rights and remedies. Yes, you can absolutely file suit. Every step you have mentioned taking was right on the mark. At this juncture, however, only civil litigation is likely to yield meaning results. The caveat, however, is that for the dealership being in bankruptcy, that filing results in an automatic and immediate stay. This is done by way of federal law, there is no way around it, meaning you must go through the trustee (as you have already done). As to the bank, though, you are certainly free to pursue civil litigation. Beyond the consumer protection implications, what you have described essentially amounts to a "bait and switch" of sorts. The botXXXXX XXXXXne is that you have more than adequate grounds to explore filing a lawsuit.
I truly hope all works out for you.
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