I purchased a used vehicle almost 2 years ago and it was breaking down so i decided to turn it in. I was pre-approved through my credit union for $20,000 at 100%. My current loan is upside down by like $3,000. We were sold a 2009 ford flex they had us sign a contract at 23% until they get payment from our credit union. Well the credit union does not want to pay the loan because of the upside down. The dealer said don't worry we will find you a bank that will finance you. Well they did at 24%. This is outrageous I declined and said I wanted my car back well they said my car was already sold at the auction. They want us to come in today and discuss numbers. I do not know what to do as I do not want to be stuck with a loan I cannot afford. What can I do help? by the way I have a Fico score of 600 I know terrible..Help please thank you.
First of all...never accept a loan where you are upside down. Ever.
Next, contact your state attorney general and see if they broke any laws regarding the sale of your trade-in before they actually finished with the "sale." If you can make a valid argument that you did not think the transaction was completed then the dealership may be on the hook to reimburse you for the value of the trade-in (which might be enough to alleviate the upside down situation.)
Before you worry about lawyers, though, call the dealership and explain that you feel like you were wronged and that you're going to call the AG. They may be willing to make you a deal to avoid the hassle.
You can also call your local investigative reporter and get them to make a stink about it on the local news or the newspaper.
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protected by mhoran_psprep Sep 23 '14 at 10:01
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