Auto Loans due bills

[mmantellino]

how long does a car dealership have to honor a due bill. I am due 2800 back when my loan funded and its been 14 days since the loan funded, how long does the dealership have to honor the due bill

 

[disagreeable]

If it is a Reynolds and Reynolds CA Retail Installment Sales Contract (dealer is listed as seller/creditor) and you were denied aftermarket financing, you had a right to rescind the contract after 10 days or make payments to the dealer. If you rescinded the contract, by returning the car and they gave you a "due bill" for your down payment money, they can yank your chain for a while depending on what the terms of the due bill say. Their goal is to sell you another car with it.

 

[txls]

There isn't any particular law that I know of that addresses due bills. Be the squeaky wheel and call them or go in person. If your contract is funded there is no other reason for them to withhold your funds. What do they tell you when you ask?

 

[disagreeable]

They may tell him sue us or buy another car that is cheaper.

 

[txls]

I think you're misreading his post. He says his loan is funded and they owe him money back. Perhaps for trade equity or accessories.

 

[disagreeable]

Though that is the intended use of due bills, a dealer failing to supply that much in aftermarket additions would be rare. I doubt a dealership would risk fraud charges by using a due bill to falsify a down payment to obtain financing, so the only other use or should I say misuse of them, is to scam a customer beyond the 10 day period so the car is in their possession when the loan is denied and they do not have to carry the loan in house, yet still want the sale. We will have to wait for OP to clarify.

I think you're misreading his post. He says his loan is funded and they owe him money back. Perhaps for trade equity or accessories.