Last post on Dec 03, 2013 at 6:13 PM
You are in the Smart Shopper
What is this discussion about?
#2410 of 2456 Car Financing, Can they do this?
Apr 28, 2012 (9:14 am)
Here is the short version, I purchased a car from a dealer in AZ. They told me I was approved thru Ally, when 30 days came and went I still didn't have my new tags and no statement from Ally. I kept calling them and Ally said they had no record of myself or the VIN. Come to find out the dealer didn't secure financing and they were having trouble. It wasn't until April 24th I got a phone call from a company who wanted to verify the info for the car loan. I told her I was told Ally was the company and she said no they are the ones who took the loan. That my payment would be due May 5th and I should be recieveing a statement from them shortly. Now today I got a call from that company's collection Dept saying our payment was due April 5th and we are almost 30 days past due. I explained the situation and he could care less, he said they can back track it to the date on the contractt even though they just acquired the loan. I told him the lady told me May 5th and since I didn't have her name, even though I had the number she called from he said I'm past due. That a payment needs to be made and another due on May 5th. Are they allowed to back track for a payment when they just took the loan? It turns out Ally obviously didn't pick us up but this company did. I don't mind making a payment but how do they expect two payments back to back. I just want to make sure this is allowed for them to ask for a payment when we weren't even with them until just last week??? Thanks for any help.
#2411 of 2456 Re: Car Financing, Can they do this? [allen1076]
by kyfdx@Edmunds HOST
Apr 28, 2012 (11:38 am)
If you bought the car on March 5th, then one payment is past due.. no matter how long it took them to finalize the financing.. (granted, no penalty, since no one asked for it, until now). The 2nd payment would be due May 5th.
To be frank, you should have the April 5th payment set aside, since you didn't make it, then.... You've been allowed to hold on to that payment for an extra three weeks. (you didn't spend it, did you? lol)
Apr 28, 2012 (12:08 pm)
lol, no I didn't spend it, I had it waiting to give to whoever picked up the loan. Just didn't think that they would have another due date right around the corner, I thought I would give them the payment and sometime at the end of May would be my next one. Plus how can we be in collections with them if the loan just got funded on 4/24. It was just rude, I felt the way they handled it on their end. Plus someone from their own company said the payment will be due on May 5th, nothing about a past due when she called to verify our info. Just seems weird. Plus, I'm not just going to give money over the phone to someone calling me when I don't have anything as far as a loan #. So I will just verify things on Monday by searching the net to find a customer service #. I just want to protect myself. He told me the dealer in this situation usually pays the first payment when its messed up like this. I do appreciate what you had to say. It just bothered me about the whole collections thing when we only been with them for a few days.
#2413 of 2456 Re: thanks [allen1076]
Apr 28, 2012 (2:23 pm)
it is all based on what the computer spits out and tells the guy who makes the calls. If you really have an issue, get to a supervisor and be polite, and they should take care of the situation after looking at the details.
Apr 28, 2012 (10:47 pm)
I will be calling on Mon. I did ask the guy to tallk to the supervisor and of course I got, "I am the supervisor" Maybe I will have better luck on Monday
#2415 of 2456 parental car buying help?
by Stever@Edmunds HOST
May 02, 2012 (2:49 pm)
A reporter would like to speak to anyone between the age of 20 and 30 who needed financial help from a parent to buy a new car. If you fit this description – or if you are a parent who has helped a 20-something son or daughter buy a new car - and you’d like to share your story, please send your daytime contact information to PRedmunds.com no later than 3 p.m. Pacific/6 p.m. Eastern on Thursday, May 3, 2012.
#2416 of 2456 Can Dealer do this?
May 03, 2012 (7:33 pm)
I purchased a 2012 Prius on Apr. 23, 2012, everything was signed and I drove away and they have my trade in. they call me a few days later telling me I need a letter from my mortgage company stating that I am current with my mortgage. The mortgage company will not fax customer sensitive information and I am getting irritated at all of the phone calls and texts I am receiving.
Shouldn't they have asked for this information BEFORE the contract was signed? Am I obligated to run around and get this information and what can they do if I do not do it?
#2417 of 2456 Re: Can Dealer do this? [jeannepaul]
May 04, 2012 (7:05 am)
It sounds like you drove away with the car the same day. That's called a spot delivery. I presume you financed your car.
The problem with a spot delivery is that the financing often isn't fully sorted out. The bank probably gave a conditional approval based on quick information and somewhere in your loan documents it says the financing may not be final. Since they can't get proof from your mortgage company that you are current with your loan, the bank won't fund the loan - which means the dealer can't get paid.
Are you obligated to do this? There's no clear cut answer. IMHO, get the letter and forward it along.