Q: So definition of a loan is exchange of money from one party to the other. If i never recieved money from auto dealer onl
Y a truck. Then wrecked said truck 3 days later. Can i retrieve the 7k i put down for the truck because it was purchased using my credit?
Sorry, but no you can't get your money back from the dealer. That is like asking if you can return a pack of gum after you have chewed it up.
I guess you did not have insurance? If you had no insurance, you may be on the hook to pay the balance due on the loan, (minus the salvage value of the truck).
Also, your definition of a loan is incorrect. Most loans are given to allow you to buy something. That's the situation with your truck.
A: I do not think you have a loan. I think you have a contract that includes their promise to deliver a car to you and ownership of said car, when the contract is paid off. That is one reason you have insurance, should this event occur. That insures their interest and hopefully yours. Here's hoping everyone is ok and if the car is totaled, the insurance pays it off. AND if not totaled, the insurance fixes it and you are able to pay off the contract as you have promised to do.
Under California law, a loan generally involves the exchange of money from one party to another. If you did not receive any money from the auto dealer and only purchased a truck using your credit, then it is unlikely that you would be able to retrieve the $7,000 you put down on the truck simply because you wrecked it a few days later.
When you purchased the truck using your credit, you likely entered into a purchase agreement or financing agreement with the dealer. If you signed a binding agreement to purchase the truck, then you may still be responsible for paying off the remainder of the loan, even if the truck is no longer operable.
If you believe that the auto dealer engaged in fraudulent or deceptive practices when you purchased the truck, then you may have legal recourse to recover some or all of the money you paid for the truck. However, this would depend on the specific facts of your case and would likely require the assistance of a qualified attorney.
In any case, if you are dealing with a legal dispute over a vehicle purchase, it is important to seek the advice of a qualified attorney who can help you understand your rights and options.
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