I have not so good credit and 4 kids. I purchased a van from a car lot under credit acceptance. It was a 93 dodge caravan that was a piece of crap anyway. I was placed under 300 a month payment with FULL COVERAGE LOL insurance. The people at the lot told me and the people at credit acceptance said The dealer doesnt get paid until you pay. SO in my mind this was like a RENT TO OWN. I had to have the car voluntarily repo’d because it was too expensive, and not reliable. Now they have placed this in my credit report saying I owe them like 4000. How can I owe them that if they never gave the car lot the money in the first place? They also auctioned the car after I had them come and pick them up. This is unfair to me and doesnt seem like a real loan. I have disputed this already and they keep saying I owe them. Money was never truly lent on my behalf. Please help me understand what to do. Thanks
Originally posted 2009-03-31 19:40:49.
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umm
i dont know how? chris
you signed paper work saying that you would pay $x.xx for the van. the finance company is then responsible for paying the car lot and you are responsible for paying the finance company. It doesn’t matter where the van is, you agreed to pay them back, they took the van and auctioned it to reclaim part of the money you owed. what ever is left you STILL owe even if you don’t have the van.
help me understand what to do… next time read all the fine print when you sign a contract. Your agreement with the loan company and their agreement with the car lot are two diffent things and are completely seperate issues. You had a contract to pay and you CHOSE not to. The fact that you have 4 kids and the fact that you percieved the auto as a piece of crap are irrelevant. You made a choice to buy it, you made a choice to sign a contract with a loan company, you made a choice to default on the loan. Welcome to the world, where you are held responsible for your own choices. Next time you might consider taking an auto that you chose to purchase to a mechanic to gain reasurance that you are making a wise purchase.
Cars repo’d go to a repo auction. Mostly used car dealers bid at this auction. They need to buy the car for as little as possiable to make money. The car probably didn’t sell for more much, so they took the selling price minus what you owed and that is what you still owe. So by law you still owe the money, unless you file bankruptcy.
You may be able to talk to the creditor about getting what you owe cut in half or something. Until you pay it will haunt your credit for 7 years.
by accepting you for financing they are responsible for the cost and therefore it is a loan not a rent to own deal. I’m sure in the paper work you signed you’ll see the details if you defaulted on the contract. It may not seem like a loan but it is, so they sold it and got some of the money which makes you respon
Sounds like a lease through the dealer to me. They way a lease works is that you sign to pay a certain amount every month for a certain number of months. Any deviation from this is considered breaking the lease, and they can, and will enforce it in a court of law.
Anytime that you buy a vehicle from a dealership, and you take leasing or financing from the dealership, the dealership pays itself for the car, and makes a profit off the interest earned on your payments. So what you’ve been told is B.S.
Bottom line is the car doesn’t leave the dealer’s lot until the car is paid for, so they can pay the manufacturer. A car is either paid for by cash, financing, or leasing. If the dealer himself leases you the car, he pays himself so he can pay the manufacturer and realize a profit. Hence if you default, the dealer can go after you legally.
Heaven don’t listen to all these so called experts.Go to creditease dot net n They can truly help.Remember that a contract is only legal if it is executed legally.Click the link below for help