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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 33766
Experience:  15 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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I bought a car on 9/17/2016 the bank funded the loan on

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I bought a car on 9/17/2016 the bank funded the loan on 9/29/20161. my trade in has not been paid off by the dealership2. they are threatening to cancel the loan and repo the car because they lost my down payemnt can tehy do that

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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How was the down payment made? cash? check? credit card?

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Do you have a receipt for having paid the deposit?

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Do you have it in writing in the contract that they are paying off your car and fixing the things on the new car?

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thanks

Barrister

Customer: replied 1 month ago.
down payment check
receipt yes
payoff written in contract yes
things to be fixed yes

Ok, if they lost the check, the are stupid, but you would have to replace the check, but could charge them to cost of any stop payment fee for the other check.

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And if they haven't done the other things in the contract, your recourse here is to sue them for breach of contract to force them to pay off the car and fix the things they promised.

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But them losing your check wouldn't give them legal grounds to repo the car because you tendered payment, they were just careless and lost it.

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thanks

Barrister

Customer: replied 1 month ago.
they say it wasnt any good so they mailed it back, thats not true.can they cancel a funded loan and repo my car

Was the check marked as having insufficient funds by the bank?

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Were there enough funds in the account at the time the check was written and for it to clear from the bank?

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thanks

Barrister

Customer: replied 1 month ago.
No, and im not sure

Ok, here is the problem... if you gave them a check that you weren't sure would clear because you had other checks coming through, then if they went to your bank a couple days later to cash it, and the teller told them that there weren't enough funds in the account to cash it, then you are in breach of the contract because the check bounced.

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So that means that you aren't in compliance with the contract and they can repo the car, sell it at auction, and then hold you liable for any deficiency.

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With that said, you need to get them the money for the down payment immediately, in a certified check from the bank so they know that the check is good, in order to cure your default and prevent them from being able to repo the car.

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Once you aren't in default any longer, you can go after them for not paying off your car and not fixing the things. But you have to fix your default first before you can hold them liable under the contract.

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thanks

Barrister

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