Never Applied Down Payment to Auto Loan

[Baronjager]

Jurisdiction

Virginia

I recently purchased a vehicle and financed it. I put a down payment on the car, and today, a month after the purchase, the entire down payment returned to my bank account. I called the dealership and they said they had a "glitch" in the system, and the down payment was never applied to the loan so I financed the entire purchase. So now I'm stuck with a higher monthly payment. The dealership told me I could put the money towards the principal, but I feel like I should be able to completely re-negotiate my loan. Also, I signed all e-documents on a giant touchscreen desk, with very little actual paperwork. I received minimal paperwork when I left the dealership. Am I legally entitled to all documents involving the loan agreement, so I can double check what I signed?

 

[Highwayman]

https://vada.com/dealership-resources/newsletter-article-archives/truth-lending-act-primer/

Protecting Your Right to Know the Terms of an Auto Loan

All About Retail Installment Sales Contracts

 

[mightymoose]

The contract you signed should have reflected the down payment you madwe. Their glitch would bno change the terms of the contract.
Do you have a copy of the contract that shows your down payment, the interest rate, and your monthly payments? This is something they are required to give you under the Truth in Lending Act.
You should not have to renegotiate anything, rather adhere to the already agreed upon terms. Simply pay the down payment again and the lender can make any adjustments necessary.

 

[txls]

Yes you are entitled to a copy of everything you signed. Often with electronic forms they are given to you on a flash drive or emailed, rather than paper. You can request a copy of the contract from the dealership or from the bank. The simplest solution at this point is to ask the bank to apply the funds to your account and adjust your payment, or they can apply it to the end of the loan, or you can take the money and go shopping.