Car Loan Contract issues...

[chadwick22]

I am in PA and recently purchased a vehicle and when I signed the car loan agreement it was for a loan from 1 bank and the purchase price of the vehicle was a certain amount. I just recieved the first payment due notice for the vehicle and the loan is with a different bank at a different interest rate and the purchase price is higher on this loan than it was with the other bank. Is a dealership allowed to make that kind of a change without notifying the purchaser and if not what recourse do I have, what should I do? Please help!

 

[You Are Guilty]

I don't suppose you have already called the dealership to ask? (Hint hint).

While the loan can be sold from bank to bank, the terms (including rate and purchase price of the vehicle) must stay the same.

 

[chadwick22]

I don't suppose you have already called the dealership to ask? (Hint hint).

While the loan can be sold from bank to bank, the terms (including rate and purchase price of the vehicle) must stay the same.

I have not spoken with the dealership as of yet on this issue as I feel I was taken for in a way. To me they used my information ilegally to obtain a loan different then the terms I agreed to. It would seem to me this in itself is a form of fraud or identity theft or something and I do not want to approach the dealership without knowing more from this forum and others.

 

[Zigner]

I have not spoken with the dealership as of yet on this issue as I feel I was taken for in a way. To me they used my information ilegally to obtain a loan different then the terms I agreed to. It would seem to me this in itself is a form of fraud or identity theft or something and I do not want to approach the dealership without knowing more from this forum and others.

Or it could simply be that somebody made an error...

 

[Andy0192]

I have not spoken with the dealership as of yet on this issue as I feel I was taken for in a way. To me they used my information ilegally to obtain a loan different then the terms I agreed to. It would seem to me this in itself is a form of fraud or identity theft or something and I do not want to approach the dealership without knowing more from this forum and others.

They can't force you to agree to a loan you didn't sign for. Did you sign a credit application? or did you sign a loan agreement?

 

[chadwick22]

They can't force you to agree to a loan you didn't sign for. Did you sign a credit application? or did you sign a loan agreement?

I signed an actual loan agreement, not a credit app, but a loan agreement which stated purchase price, apr, and all, and now it is all different with a different bank, im very concerned that a dealership would do this with my information.

 

[You Are Guilty]

Step 1. Call the dealer and ASK what the heck is going on. If you do not like their answer, proceed to Step 2.

Step 2. File a formal complaint with the Attorney General: http://www.attorneygeneral.gov/complaints.aspx?id=451 If complaint is successful, proceed to Step 3. If complaint is not, proceed to Step 4.

Step 3. Profit! (Not really. But you should be able to get the original loan terms reinstated).

Step 4. File lawsuit for, inter alia, contract reformation, forgery and fraud. Depending on whether there are special statutory damages awarded for these claims, you may be able to interest a lawyer to work on contingency.

 

[Zigner]

Step 1. Call the dealer and ASK what the heck is going on. If you do not like their answer, proceed to Step 2.

Step 2. File a formal complaint with the Attorney General: Complaints: Protecting Pennsylvanians - Pennsylvania Office of Attorney General If complaint is successful, proceed to Step 3. If complaint is not, proceed to Step 4.

Step 3. Profit! (Not really. But you should be able to get the original loan terms reinstated).

Step 4. File lawsuit for, inter alia, contract reformation, forgery and fraud. Depending on whether there are special statutory damages awarded for these claims, you may be able to interest a lawyer to work on contingency.

...
Or it could be that some poor data-entry clerk made a mistake...