Fairfax, VA asked in Banking, Civil Litigation, Consumer Law and Contracts for Virginia

Q: Put down deposit on new car and opened a loan for the remaining balance. Loan doesn't exist according to bank (VA).

We purchased a used 2017 SUV for just under $18,000. We put a $4,000 deposit down and financed the roughly $14,000 remainder. We were pre-approved through Capital One's auto loan program. The dealership ran our pre-approval and finalized our loan. Our first payment is supposed to be due the first week of January. A month after the purchase, we have still not received anything in the mail regarding our loan, when payment is due, or where to send payment. Upon calling Capital One, we were informed that our loan has no record of ever being filed. It doesn't exist. The rate we were pre-approved for expires tomorrow. The only documentation we have is a carbon-copy sheet from the dealer's office regarding the loan and indicating when our first payment is due. To repeat, Capital One has no record of this loan ever being created or filed. The dealer who supposedly opened our loan and sold us the car has either been fired or quit: he no longer works there.

Are we obligated to the loan?

2 Lawyer Answers
F. Paul Maloof
F. Paul Maloof
Answered
  • Business Law Lawyer
  • Alexandria, VA
  • Licensed in Virginia

A: You need to go back to the auto dealer and find out what is the cause of the problem. You can also file a complaint against the dealer with the Virginia DMV.

1 user found this answer helpful

Robert R Weed
Robert R Weed
PREMIUM
Answered
  • Annandale, VA
  • Licensed in Virginia

A: To answer that question better I'd need to see what papers you signed at the dealership. This could be a screw up and it could be a scam to try to cheat you out of your $4000 down payment.

You need to talk to a lawyer who specializes in car loan and car dealer law. One place to look is here. http://www.consumeradvocates.org/find-an-attorney

1 user found this answer helpful

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