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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 116716
Experience:  Attorney experienced in commercial litigation.
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I purchased a 2012 Cadillac CTS Preimum Package in July of

Customer Question

I purchased a 2012 Cadillac CTS Preimum Package in July of 2012. Great car, handles nicely. I have had a change in my personal life with my son who has several health problems causing me to look for a different vehicle to accommodate his medical issues. I have communicated with the bank manager of where the current loan is for said vehicle. I explained the situation to see if I had any options. Currently, looking for a vehicle in which will help ease the transition for my son in and out of the vehicle. Was going to trade the vehicle in but owe way more then the vehicle is worth. A friend of mine who has been in the car business for over 25 years told me he has never seen a bank finance 150% of the MSRP. Advised me to contact the Attorney General because the dealership where vehicle was was bought was wrong. Looking to return the vehicle to the bank next week and have them sell it at auction. Although I know this will effect my credit, it will come back as it has before. Is there anything I need the bank to sign or that I need to do once the vehicle is returned? Do I have any legal actions on the bank?
Submitted: 4 years ago.
Category: Consumer Protection Law
Expert:  Law Educator, Esq. replied 4 years ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking.

First, regarding your friend who has been selling cars for 25 years, he needs to understand that under PA law, parties are allowed to contract as they see fit to contract. The courts state that people are allowed to negotiate the "benefit of the bargain" they are seeking. What this means is some people negotiate the good benefit of the bargain and some end up with possibly a bad benefit of the bargain. Thus, if people contract for a price because one party was not aware of what prices were and did not do research before buying, then that is a choice made.

If the seller provided the sticker on the car, known as the Moroney sticker, which has the MSRP on the car they have satisfied their legal obligation. If the dealer did not have the Moroney sticker on the vehicle, then you could potentially have a claim for unfair and deceptive business practices.

Once you return the vehicle, it depends on the bank which papers they have you sign, but most banks just take the vehicle back. The bank is not liable to you for you borrowing more than the vehicle was worth I am afraid.

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