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Killbadcredit

Need help with car loan?

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I was needing a new car and went applied at a car dealership. It was December 30, and the dealer wanted to make a sale. They told me I was approved with a company, and let me take car home. Long story short, the original company did not finance after all, and I spoke with manager today he said they changed to another company. But here is where it's confusing, the loan is not reporting on my credit, I still have no plates. The dealer said payment was due but again I've called both companies myself and none have record of my account. Why is dealer asking me for payment if no companies have financed it. The contract I signed, that company is no longer finance it, manager is saying another company is funding it but again I was never asked to resign a new contract with said company but dealer wants payment for first month saying that the new company wants to see payment before they finance it.  Sorry it's long and maybe I didn't explain good. Any advice?

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Read this thread I started and come back here if you don't understand and ask whatever question you need.

 

 

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So the dealer is financing the alcat now? Why is it not reporting on my credit nor did they ask me to come sign a new contract? Why are they telling me a new company financed it but wants to pay dealer money first? I'm confused. I don't want to be driving a car that is not financed by a traditional company? I just don't feel comfortable giving dealer money for first month payment they could easily keep it and ask me to return car later?

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Your contract tells you who the original creditor is.   In your case, if you financed and purchased at a dealer, then the dealer is the original creditor.

 

The dealer has to sell (assign) the contract to a willing bank or financial entity until they do that, they own the contract and are entitled to enforcement.

 

Not knowing your situation in detail, you can probably tender the first payment and be ok based on just the information you provided.

 

You are not going to get any plates are anything until the approving lender funds the loan.  Dealers generally are data subscribers and are not data furnishers, except in the case of inquiry mode.

 

If you don't trust them or don't want to tender the first payment, just take the vehicle back to the dealer.    They will have to reimburse your downpayment etc. (if tendered).

Then you're done with the situation.

 

Go buy one somewhere else.

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I had no idea they did that. Can they force me to continue with the payments in case I don't feel comfortable giving any kind of payments to them? Or try say I'm stuck with it, any laws in Texas or the dealership bussines they could try to force down my neck? I just don't feel comfortable with the situation.

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Look at the top of the retail installment, that shows the buyer and the original creditor. Whenever my stupid sales managers put me in this position in the past i just ordered up a repo company once the buyer was in default and had been given an opportunity to cure.

Unfortunately i am not familiar with Texas law. My only goal as a dealer was just to get paid for the vehicle. I always refused to carry the note. If the bank didn't i just got my car back.

If this happened on December 30 it's almost 2 and 1/2 months. If i had not concluded the transaction someone would have been fired by now.

Sent from my SM-N950U using Tapatalk on a beach far far away.

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Posted (edited)

Thanks Marv. So if I go back and give them there car, I just explain I'm not comfortable? I just don't feel comfortable because from the very beginning they told me a company had picked up loan, and that wasn't true. I don't want to return it and have them press any charges for returning it.

 

I guess what I'm asking can they  take me to court for this in case I return it?

Edited by Killbadcredit

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I'm sure they just want the money or the car. It's a civil matter not a criminal matter and the longer you delay you just make it tougher on yourself. If you contracted end of December and the first payment was set 45 days out and you have not paid you are already in default.

Sent from my SM-N950U using Tapatalk on a beach far far away.

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Marv I forgot to ask you, in case I return it, can they/will they show repo on my credit? This loan is not reporting on my credit, I was wondering. 

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Absolutely they CAN reflect it as a repo or even voluntary surrender.  You have a contract for a purchase that you have failed to make payments on.  Absent payment, you have now caused depreciation to their asset and have not made any manner of payment for those two-plus months for which the vehicle has been in your possession. 

 

Quite honestly, given how active the repo people are in this State, I am surprised that you have not come out of your home or office to find the vehicle was not where you last parked it...

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14 hours ago, Killbadcredit said:

Marv I forgot to ask you, in case I return it, can they/will they show repo on my credit? This loan is not reporting on my credit, I was wondering. 

Like centex says they could, but dealers are not accustomed and generally do not have the capability to report to any  CRA except in inquiry mode.   

 

Think about it this way:   If I were a prospective lender trying to purchase your contact and you already were past due payment, then I'd want the payment first.  The way we think about it is that if you are not going to make the first payment, you are unlikely to make any of the rest.   Don't mean to offend you, but that's how a dealer thinks and how the prospective lender thinks.

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Posted (edited)

Marv thanks for your time and advice. However , Centex the reason I have not made payment was stated in first post. I even got a welcome call from the first company called global lending services saying thank you for the new purchase. They told me to wait for a packet in mail in 15 days,  I never did. I spent sometime calling first finance company and even called dealership and for some reason finance manager avoided me, no joke. So as time went on I had no idea when payment was even due, Every time I called Global lending services they kept saying since its new account it is still getting verified and to keep calling back. The dealer manager never ever cared to call me and let me know of the matter. But thanks for the advice, I didn't know they did this.

Edited by Killbadcredit

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