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?
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
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
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
