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Ask Barrister Your Own Question
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 34308
Experience:  16 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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How can I terminate a loan thru a dealer never received any

Customer Question

How can I terminate a loan thru a dealer never received any money yet to buy car?
JA: What state are you in? It matters because laws vary by location.
Customer: New York
JA: Has anything been filed or reported?
Customer: I don't understand the titleholder(the bank) to the car has received nothing from the dealer yet
JA: Anything else you want the lawyer to know before I connect you?
Customer: Can I get out of it?
Submitted: 4 months ago.
Category: Legal
Expert:  Barrister replied 4 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply,but rest assured, I am working on your question.

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Did you sign a written contract to purchase a car and another contract to finance it?

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Are you sure that you were approved for the loan?

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Or was the loan "upon approval" or " on approved credit" or "subject to approval"?

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Have you made any payments on the car?

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thanks

Barrister

Customer: replied 4 months ago.
I signed the loan and was told I was approved for the loan no payment on the car only payment to the bank that holds the title of the leased vehicle.
Expert:  Barrister replied 4 months ago.

Ok, if you were approved for financing through your bank, then your bank would have sent the money directly to the dealer to pay for the car. You can't be paying the bank for a loan that was never made..

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So if you are paying a monthly payment to the bank, then they made you a loan and that money went directly to the dealer to pay for the car.

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The way a lease works is the bank actually buys the car and then you make your lease payments to the bank for the stated lease term. At the end of the lease, you either buy out the car, or turn it back in and walk away as long as you are below your mileage limits and there are no damages to the vehicle.

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If you have the car, and are paying the bank the lease payments, then that is normal..

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Let me know if something doesn't make sense or I am missing something..

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thanks

Barrister

Customer: replied 4 months ago.
you're missing the part where I have signed a loan to buy the leased car thru the dealer and another bank as the lease is almost up because I didn't know better but no money has changed hands yet and I want to sever the contract.
Expert:  Barrister replied 4 months ago.

Ok, yes I didn't see anything about that.. it must not have come through..

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If you are buying out the leased car, and have signed a written purchase agreement to do so, then that is a legally binding contract. The only way that that you could terminate it would be if the dealer agreed to release you from the purchase contract.

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You can cancel the loan if you want if it hasn't funded, but if you signed the purchase agreement, you are obligated to purchase it.

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You can refuse and breach the contract, and it would then be up to the dealer whether to sue you or not for breach of contract.

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But normally, a dealer won't want to spend several thousand on an attorney and 6 months suing a customer...

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thanks

Barrister

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