Q: BANK CANCELS CAR LOAN CONTRACT DUE TO LATE FIRST PAYMENT OF 14 DAYS. IS THIS A REPO AND HOW ?? ARTICULE 9?
NOW....THE DEALER EMAILED ME AND WANTS THE CAR BACK DUE TO BANK REQUESTING BUYBACK TO DEALER AS I DEFAULTED ON THE FIRST PAYMENT.
NOW.....
CAR GOES BACK TO DEALER,
DEALER GIVES WESTLAKE BANK THE MONEY BACK,
CUSTOMER LOSES 3K DOWNPAYMENT.
THE CAR PRICE WAS $14,400 + TAX + TAG + TITLE AND EXT WARRENTY = $17,200
AFTER 3K DP MADE I FINANCED 14,200.
SO HOW CAN BUYER HAVE A REPO OR OWE ANY MONEY WHEN THE DEALER GAVE THE MONEY BACK TO THE BANK? THE BANK AND DEALER HAVE NOT LOST ANYTHING.
HERES ANOTHER REASON WHY I ASKED THIS. THE SAME DEALER IS FIN THE SAME CAR AS I STILL HAVE IT WEEK LATER WITH ANOTHER BANK BUT DID REQUIRE ME TO PUT DOWN ANOTHER 1,000. BUT PAYMENTS WENT DOWN 11 DOLLARS A MONTH
A: Did you agree to terms that let them take advantage of you as you describe, or not? Read the contract terms on the remedies granted to them when the buyer is in default, and determine if you agreed to whatever those are. If unclear, or you think they are violating the terms or that you did not agree, schedule a consultation with a lawyer handling consumer disputes.
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