What is the name of your state? Oregon
A friend of mine purchased a vehicle in mid July. He traded in an exisitng financed vehicle that's value broke even w/ the pay off. He contributed $2,000 as a down payment for the vehicle as well. The deal transpired July 18th, he was laid off from work about 2 weeks later. The finance company called to verify employment after his lay off, obviously finding out he was no longer employed. A few weeks passed as the finance company has called him several times threatening to take the car back unless they could verify employment. Understandable. My friend asked to return the car, get his original back as well as the down payment refunded. The finance co. agreed and sent someone to pick up the vehicle. For the past few days he has contacted the dealership as well as the finance co. - no solid answers only the run around. Just today, he was able to speak w/ someone who gave him some answers and told him that not only was he unable to get his old car back, but the down payment would not be returned. Everything up until the point of not getting the down payment back may seem possible but how can the finance company keep the $2,000 down payment? Legal? Thanks for your time and help.
A friend of mine purchased a vehicle in mid July. He traded in an exisitng financed vehicle that's value broke even w/ the pay off. He contributed $2,000 as a down payment for the vehicle as well. The deal transpired July 18th, he was laid off from work about 2 weeks later. The finance company called to verify employment after his lay off, obviously finding out he was no longer employed. A few weeks passed as the finance company has called him several times threatening to take the car back unless they could verify employment. Understandable. My friend asked to return the car, get his original back as well as the down payment refunded. The finance co. agreed and sent someone to pick up the vehicle. For the past few days he has contacted the dealership as well as the finance co. - no solid answers only the run around. Just today, he was able to speak w/ someone who gave him some answers and told him that not only was he unable to get his old car back, but the down payment would not be returned. Everything up until the point of not getting the down payment back may seem possible but how can the finance company keep the $2,000 down payment? Legal? Thanks for your time and help.