Hi, My name is XXXXX XXXXX I will be assisting you. If I have not Answered your question, please let me know and I will be glad to explain further,
I am sorry to hear about the trouble you are having with the dealer.
You should go into the dealer, say that you are not purchasing their vehicle (Or, leasing it) and insist that they return the vehicle that you used as a trade-in. The dealer had no business using a figure he found on your credit report as the pay-off figure. The correct way to obtain a pay-off figure is to contact the lender, ask for a pay-off as of that day and also ask for a "per diem" interest rate. In other words, the dealer would get a pay-off amount as of a certain date and if the loan was not paid off on that date, the dealer would multiply the number of days by the per diem interest rate and get a current and correct payoff amount.
Even if you had read the paperwork before you signed, ask yourself, would you really know the exact amount which was the payoff figure for your leased car ? I know I would not know it, nor am I expected to know it because that is not my job, that is the dealer's job.
As for not having your trade-in vehicle in his possession any more, that is totally the dealer's fault. You are not the only individual who has had this experience. Dealer's are so anxious to sell or lease their vehicles and make their commission, that they ignore all the loose ends they have left and they allow the buyer to drive off the lot, only to have to call the buyer and ask that he return the vehicle. This practice has become so wide spread, that the Attorneys General of many States have come out and said that until the total transaction, including the financing of the vehicle being purchased or leased, is completed, the dealer should not sell, transfer, convey, or "ship out" a buyer's vehicle that was used as a trade-in.
You had a right to rely on the figures the dealer initially was working with and you should not have to come up with more money that you had not anticipated you would be needing, just to satisfy the dealer. Just stand your ground, insist that he return your vehicle, and how he does this will be totally up to him because he had no business shipping it out of his showroom. He may not have even shipped it and he may still have it; he might just be telling you a story to intimidate you enough to go through with their deal. Insist that he return your vehicle and if he does not, tell him that you will file a formal Complaint with both the Federal Trade Commission which is the Federal consumer's "watchdog" and protector and you will file a formal Complaint with the Maryland State Attorney General's Office. You may file these formal Complaints online. If you click on the links below, it will take you to their Official websites where you can file the formal Complaint and will give you all their contact information,
Maryland State Attorney General - http://www.oag.state.md.us/Consumer/complaint.htm
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