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CalAttorney2
CalAttorney2, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 10244
Experience:  I am a civil litigation attorney representing individuals and businesses.
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I used my jeep as a trade in on a truck. I took the truck

Customer Question

I used my jeep as a trade in on a truck.
I took the truck immediately but the financing fell through after a week. I took the truck back to the dealer.
The dealer did not want to give me my trade back (it had about 10 k value above what was owed on it) It took the police coming out after 7 hours to get the dealer to give me back my car.
Two things. The dealer had taken my jeep engine apart and had ordered a new engine on my warranty. The dealer made me pay the tear down charge of 370 which I did.
I had the jeep towed to another dealer and they are working on having it fixed under warranty now.
My jeep is still listed on the first dealers website FOR SALE. Does the dealer I originally traded this jeep in to (where the deal fell through) STILL have the rightto pay off my Jeep trade in and take it, even though the financing and the original deal did not go through?
I called my finance company and they told me the dealer could if I gave them authorization which was contingent on the deal going through for the truck.
Also the dealer did not give me copies of any of the paperwork that I signed-do I have the legal right to that?
Thank you.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  CalAttorney2 replied 1 year ago.
This is referred to as "yo yo financing" - it is illegal. The dealership will sell a vehicle to the consumer under specific contract terms and conditions, then use a pretense (such as the interest rate is no longer available, the credit check came back different, or some other excuse) to threaten the customer into either refinancing the auto under less favorable terms, or into returning the auto and purchasing a more expensive one. This is a form of fraud. The terms of the contract that you agreed to at the time that you purchased the vehicle are controlling, and both you and the dealer are bound by those terms. If the dealership cannot find a lender to take over the loan, they must service it themselves. You can (should) report this to the State Attorney General's Office, Consumer Complaints/Protection division (online reporting) so that the attorney general can investigate and take criminal or administrative action against the dealership. You do not have to change the terms of your purchase, and you do not have to return the vehicle. The dealership does not have a right to sell your jeep, they must return your title to you, you should recover both the fee that you paid to them (that they charged you for the tear down), and they should pay you for any unnecessary mechanic's or towing fees due to their mechanic's work.

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