Consumer Protection Law

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I obtained purchased my 2014 Dodge Durangonin 2014 at a

I obtained purchased my...

I obtained purchased my 2014 Dodge Durangonin 2014 at a Chrysler Dodge Dealership in Florida. At the time of my filling out the face sheet at the dealership. I provided my income as or about 44k and no more than that including OT occasionally. I signed the contracts not paying attention to the typed credit application as I thought in only contained the income In wrote down and provided. I did not produce any verification of the income at any time. Finance manager asked me did I have any additional income and verbally told him an additinal 800 a year but not to include it. So I get approved I was told I could refinance it after 3 months a and I did try. I was told when I tried to refinance it it was close if not at 23% of my monthly income and was not sure how the loan got approved. I requested the credit application and was only provided the typed version which stated I earned 4200 salary monthly. I flipped out and immediately requested Chrysler Capital to look into the contract. I told the reviewer I Understood the calculation but money was still missing that I did not report verbally or written. Chrysler continued the loan and slowly I began getting behind on payments 30 60 and 80 days behind. The dealership inflated my income with a credit score of 605 at the time with bruised credit. Now In see where Delaware and Massachusetts Consumer Protection won suit for the same exact thing that was done to me.' "Santander, which Healey called the largest packager of subprime auto loans in the nation, funded "unfair and unaffordable" loans to more than 2,000 consumers in Massachusetts, knowing that many of the borrowers could not meet the terms and would default, Healey said. Buyers often agree to financing terms through contracts signed at car dealerships, but the loans are backed by financial institutions such as Santander, who often resell the loans to third parties or place them into asset pools. The bank also was accused by the states of knowingly taking on loans from car dealers that submitted loan applications that inflated the reported incomes of customers, and continued to fund loans from dealers it knew had high rates of delinquency and default among customers." - 'https://www.usnews.com/news/best-states/massachusetts/articles/2017-03-29/2-states-settle-with-santander-over-unfair-car-loans'. What could I do at this point since I did make Chrysler/Santander aware my income had been inflated by the dealership to get the loan approved, Chrysler looked into the situation and still continued the loan knowing In was at risk to default as reflected by several payment extension and exhausting all of my payment extensions 3 years into the loan.

Lawyer's Assistant: What state is this in? And how old is the car?

FL. 2014

Lawyer's Assistant: Have you contacted the manufacturer?

No. I wasn't sure if they could do anything or even think about that. What can the man u factor do?

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not that I can think of

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Answered in 43 minutes by:
10/21/2017
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Consumer Protection Law
Satisfied Customers: 21,365
Experience: B.A.; M.B.A.; J.D.
Verified

Hello: This is Phillipsesq. Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

Ask Your Own Consumer Protection Law Question

I am sorry to read about your difficulties.

You need to stop making payments on the car and let them come and repossess the car. Iif or when the car is sold and you get a notice of deficiency from the lender ("they" or "them" or "their" or "creditor"), you need to challenge their calculation. You do not have to take their word for it. And more importantly, you do not have to pay for the deficiency. Let them file a lawsuit. If or when they file a lawsuit for deficiency, for the balance on the loan after the auction, you should challenge the balance given to you by the lender (“creditor”) after the sale. You would have some defenses to their complaint for deficiency judgment. One of your defenses would be that the sale of the car was not done in a commercially reasonable manner. Once you make this defense, the creditor would then have the burden to prove that all aspects of the sale were reasonable including the notice provided to you before the sale, the advertising made to the public, the timing of the sale of the car and how the creditor ultimately got rid off the car.

You would also have other defenses and counterclaims such as

(1) Was your personal property in the car seized when the car was repossessed?
(2) Were the creditor's expenses of repossession reasonable?
(3) Was the deficiency correctly computed?
(4) Deception in original purchase of the car.
(5) Defects in the car's subsequent performance.
(6) The terms of the financing.
(7) The creditor's debt collection conduct

and so on...

You can retain the services of a local consumer Attorney to assist you with the case. Most consumer Attorneys work on contingent fee basis and thus the Attorney that you retain may not ask for upfront fees unless he or she wins the case for you. Even then, you may not have to pay out of pocket as most Courts do award Attorney fees to prevailing consumers.

You can use the following sites to find local consumer Attorneys:

Consumeradvocates.org

Lawyers.com

Justia.com

Findlaw.com

Best wishes,

A positive rating to my response is appreciated so that I can receive credit for responding to your post. There is no additional cost to you for giving a positive rating.

Thank you for your cooperation.

Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Consumer Protection Law
Satisfied Customers: 21,365
Experience: B.A.; M.B.A.; J.D.
Verified
Phillips Esq. and 87 other Consumer Protection Law Specialists are ready to help you
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Customer reply replied 6 months ago
Thank you. I would also be able to contest the negative marks in my credit reporting as a result of the loan delinquency?Thank you for the advice.
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Phillips Esq.
Phillips Esq.
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Category: Consumer Protection Law
Satisfied Customers: 21,365
21,365 Satisfied Customers
Experience: B.A.; M.B.A.; J.D.

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