Process car loan without required paperwork

[bethn]

North Carolina - Sorry this may be long. On June 26, 2008, I cosigned a loan for my mother for a used car from a large dealership company in North Carolina. This was our second set of contracts due to a mistake on the original set signed on June 15, 2008. My mother was already in NY state where she lives waiting for the paperwork to be processes so she could get permanent registration, insurance and tags for the car. Her first set of 30 day tags expired so the dealership sent her a second set. In the mean time, she had sent the dealership a check for the first payment on the loan due August 9, 2008. August 15, 2008 arrives (60 days after the original contract signing) and she still does not have any paperwork stating she can register the car in NY and cannot legally drive the car. The dealership tells me that they are missing a notice to cosigner agreement and need me to sign the paperwork before the loan can be processed. On the same date, my mother received a letter from the financial institution stating her loan had been processed and that she was already late with the first payment that was due on August 9, 2008. The payment was received on August 16, 2008. As of August 28, the customer service department of the financial institution is claiming they do not have the paperwork for the loan so they cannot send me copies of the paperwork and yet they have funded the loan and already sent the check to the dealership. The dealer is still claiming they need me to sign this paperwork and it is urgent. I have a feeling that the dealership has either forged my name to this cosigner agreement so the loan could get processed or convinced the bank to process the paperwork without this document. I plan to report both to the Attorney General, but at this point, I have had it with the dealership and the car (there are some minor problems with the car, but was purchased as-is) and would like to return the car, get out of the loan contract, take the deposit back and get a different car. What are my options for getting out of this without trying to resell the car?

 

[jalancast]

I'm no attorney (I did however work in car dealerships for nearly 10 years), but you're probably not going to be able to return a car after more than 60 days of possession. I bet someone on this forum can find a way to help you get out from under this deal (you can find a way out of any deal), but I would also guess that you'll lose your deposit. You or your mother probably signed a bailment agreement that stipulates a daily use fee as well as a charge per mile.

I worked in dealerships for years, so I can tell you what I think has happened:

The finance person is a royal screw-up. This is a big deal no matter what side your on. Dealerships need cash flow and to let a car leave the lot for 60 days without getting the contract cashed is a problem.

The bank NEVER knows what the heck is going on. One department can fund your loan, one can send you a late notice, and one can completely deny that you are their customer. It's pretty unbelievable, but big banks are a lot like government. No one knows what's going on.

The good news is that you don't need to worry about the late payment showing up on your credit report as this situation isn't that uncommon (banks are big and they often don't know when they're being paid, so late notices don't mean you've actually been late). Even if you did get a late payment mark on your bureau, you can fix it with a few emails.

Finally, when it's time to complain about your local dealership, I would suggest you contact your local dealer licensing board in addition to the AG and the better business bureau. The DLB has a lot of power in most states and they can cause a lot of trouble for the dealership. You might also call the manufacturer if the dealership is a franchise. Even if you bought a used car from them made by someone else, the complaint will need to be processed and you can make some more work for your dealer.

If it was me, I'd call the general manager at the dealership and tell him/her that you're going to call the dealer board, the better business bureau, and the AG unless they "make it right." You might get a check for keeping quiet.

Good luck - hope this helps.

 

[jeff66]

Car Loan Required: London Taxi Company

Hi,

We are a taxi company Hummingbird Cars in London. We provide Airport Transfer service from all london airports.

We have recently started our business and are looking for a good financing source with cheap interest rates .But, we are in a sort of confusion as there are so many Car loan providers which one is the better one it is difficult to select.

So, Can anyone please advice us where we can buy best and most reliabel Insurance for our cars.


Thank you