Car Loan Legal Advice Please

Friend calls me confused and doesn't know what to do so before I give her advice I wanted to get your opinions, much appreciated for any help.

She bought a car recently, I'll check not sure if its before or after 30 days now, she got loan, signed the papers and they called her recently saying that now the loan did not go through and she will have to return the car.

Then call her back a day later and say, well we found a new way to finance you, all you need to do is come in and resign different paperwork, which she has not done yet. She now says she no longer wants the car and just wants to turn it in to them. A few days ago a lady ran into her in a mall parking lot(not major damage but 100% 3rd party fault) so that happened also.

From what she tells me I would think the first deal would be Null and Void? :think2:Can she just turn the car without any issues? thanks again for any help.

only opinions + questions here. she will probably need legal + insurance advice here.

1) i assume this is a used car. the loan mod sounds like a bait + switch to extract more
money. most used car dealers have ways to finance loans quickly both internally or
with private money in addition to the standard financing available. unless something
quite unusual showed up 30 days later like a hidden lien or a major change in her
credit report, i find it astonishing that the dealer would let take the car off the lot
without 100% loan approval.

2) did she prepay or loan expenses/cost or prepay her first monthly loan payment?

3) what state was this transaction in?

4) things would of been much simpler without the accident. i doubt that the dealer
is likely to take the car back in a worse condition than it left without a major
hassle. even though she may have no $ liability from the accident, the car is worth
less and assignment of reimbursement from insurance claims takes time, has risk,
and creates more paperwork.

5) was the other driver insured and has their insurance company agreed to pay for
100% repairs?

6) was she insured against collision damage and if so what is the deductable?

7) was an accident report filed and if so does it state or confirm who was responsible?

8) what is the estimated cost of repairs?

as you can see this is becoming quite complicated quite quickly. the insurance
people both hers and the other driver's are quite important here and their responsibilities
and liabilities must be defined ASAP. good luck with that.


my gut feel is when she tells the dealer about the accident is that her original
financing will have been magically re-approved so that she won't have the ability
to just return the car. if she is able to return the car, i expect that the dealer
will expect her to pay for the loss of value of the car or sue to get it from her
or the insurance companies. this may affect her ability to get future financing
at optimum rates if/while this scenario plays itself out. many states seem to
have laws that dealers are able to manipulate or are aware of to protect their
financial interests. if the dealer does sue, she may be liable for any extra fees
the dealer incurs to get reimbursed if insurance doesn't cover them.

all of the above is somewhat pure speculation drawn from similiar experiences
that i or my friends have had. any resemblence to reality or helpful in your situation
is purely coincidental and maybe inaccurate.

sounds like a complete mess. Not sure how they can ask for the car back one day and then the next say she is approved again.. why does she want to return it? That part may play into this as well of course.


-murph

Make sure... I mean make real sure that if u do surrender the car... that you are protected.. As again friend of mine was in EXACTLY scenereo. And he told em to keep the car as they wanted to double hos interest rate... and they told the credit agencies he DEFAULTED on the loan... nightmare mess as they told her to bring it in and resign new papers???... so oooo just make sure if she turns it in u receive paperwork saying she is no longer liable.
Goodluck
As car lots are the lowest underhanded scum in the world... 2nd only to congress

"i find it astonishing that the dealer would let take the car off the lot
without 100% loan approval." and get a good attorney.