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Good evening! I can help you out with your legal question tonight. Can you please add some information to your question? I understand you bought a car and had two loans on it correct?
Yeys,the dealer has not accepted the money from the prefered lender.
Did they say why they didn't accept money? Dealers really can't control how you pay for the car, if you provide funds, they are to take them.
That is the problem . I initialy indicated the lender iwanted but while in the office the dealer unrolled his 5 page contract and at the timei thought it was comparable to what II could expect from my lender . I signed that contract . I didnt have acontract from my lender. At that time.It took the dealer 3 weeks to find alender. I had acontract from my lender and readit and signed it.Before I heard from the dealer again.
The dealer has accepted the lenders funding
So now they want you to use their financing is that correct?
Do you still have the vehicle?
It is ayear longer 1500 dollars more than the prefered lenders.
You can always get a loan with another bank and pay off the preferred lender.
The preferred lender has a contract and you will need to see if there is any early payment penalty. You can then go and get a loan for the vehicle and pay off the preferred lender so you don't have to pay all of the interest. Then you will be left with just a loan from a bank you chose.
Did you have additional questions?
You will need to pay off the loan that you signed for, using money from a new loan.
Can I return the car?
You could, but you would still be required to make payments.
The contract is regardless of what you do with the car. You could sell it and pay off your original loan.
If you return the car, they will buy it back for a rediculously low amount and then tell you that you have to pay the remaining balance on your loan.
Does that make sense? Did you have any follow up questions?
It didn't make sense?
Not what I wanted to hear. Is ther e some kind of mail fraud in volved in representing the buyer here?
I understand. You can always try and sue the seller for predatory lending. That is where they take advantage of you and force you into taking the loan at their rates.
You could consult a local attorney to see if there are sufficient facts to support this.
CA is a fairly strong contract state though, meaning the courts try and enforce a contract unless someone has diminished mental capacity.
The dealer had Knowledge of my original contract and yet went ahead with the other lender.
It will hinge on the contract verbiage, but you may have a case. You really would need to bring the document into a local attorney and let him/her review it. Pay the 1 hour consultation fee and get their analysis. It is difficult to determine how strong your suit would be without reviewing the documents.