Traded a vehicle in

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So we traded our vehicle in four months ago and we've been getting harassed by our old bank telling us to pay and it's even gone on our credit showing us delinquent and we've never been late on before and now the dealership says that the finance fell through I spoke with the new bank a month ago and they said they sent our contract back to the dealership a month prior to that and now they want us to go in today and not sure of what the outcome will be any advice?

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Would be easier to figure out with some punctuation
Seems like the dealership never paid off your loan. Correct?

sounds to me like your current loan "never went through" and they're trying to jack you into a new deal at a higher interest rate for the car you think you bought. Also they never paid your old car off.

High probability of this being a used car dealer that is NOT attached to a new car dealer

Apply for a $200,000 mortgage. Get refused for failing to pay the note on your old car.
File suit against the dealership for $200k in actual damages due to their fraud destroying your credit rating.
Watch them beg you to keep your new car for free (after trade-in) in exchange for dismissing the suit. Settle with them, but make sure you don't sign any gag orders, and then turn them over to state regulators.

pillado said:   So we traded our vehicle in four months ago and we've been getting harassed by our old bank telling us to pay and it's even gone on our credit showing us delinquent and we've never been late on before and now the dealership says that the finance fell through I spoke with the new bank a month ago and they said they sent our contract back to the dealership a month prior to that and now they want us to go in today and not sure of what the outcome will be any advice?
  QFP.
As said earlier, your old car loan was never off by the dealer because the new car loan did not go through.

I can only guess what the outcome will be today at the dealership.
Presumably, they have a new loan document (probably with worse terms than before). Assuming it is approved, make sure the old car loan will be paid off and then you will need to make payments based on the new loan document you will agree to and sign off today.

Call your local tv news..file complaint with BBB against dealership....

Please come back and let us know what happens.

Well
1) Did you make any payments on the new car? 'No'
2) Did you make any payments on the old car? 'No'

Your credit already starting to go south.
Fix this now.
If you don't like the new terms, return the car, most documents state that if you can't get financing the dealer can get the car back.

Find your own financing....

pillado said:   now the dealership says that the finance fell through...
Have you been ignoring their calls up to this point, or is this really the first you've heard of a problem with the financing?  

taxmantoo said:   Apply for a $200,000 mortgage. Get refused for failing to pay the note on your old car.
File suit against the dealership for $200k in actual damages due to their fraud destroying your credit rating.
Watch them beg you to keep your new car for free (after trade-in) in exchange for dismissing the suit. Settle with them, but make sure you don't sign any gag orders, and then turn them over to state regulators.

  Holy shit, this is genius! 
 

With the latest ding on your credit report, it's guaranteed that the term you'll get on the new loan will be worse than the original term offered by the dealer.  Also, how's your old bank harassing you when all they're asking for is the payment on the loan they gave you?


This is the craziest part nobody has contacted me until this week. I tried calling and leaving messages to the finance person there and nothing in return. No payments made on either vehicles. Also it's a Chevy dealership we're dealing with.

The craziest part is that for four months, it didn't occur to you that you supposed to be making car payments to someone?   I mean you really didn't expect that someone would let you drive a car for free, did you ?

If this is true, and that's a big IF, the dealership is in quite the predicament. First: what happened to the trade-in car? Is it sitting on their lot?? Second: what are they going to do with the new car they sold you? The dealership will take a big hit on this. Did you register and insure the car? Did you get license plates??
Again, there are too many things that make this story very fishy. 99.99% of the dealers would be knocking on your door no more than 1 week later, looking for their car back.

could the op get a loan from somewhere else(credit union, bank, etc) and use that to pay for the new car instead of going back to the dealer crappy rates?

tantuti said:   could the op get a loan from somewhere else(credit union, bank, etc) and use that to pay for the new car instead of going back to the dealer crappy rates?

With a current 90-day late in addition to whatever issues caused the original credit refusal, good rates are not in the offing.

Maybe OP just wanted to borrow it?



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