damn! Sorry to hear this.. Last time you talked to me about this you thought the bank was going to help you out.. Sorry hope it get's straightened out fast.

Exactly that's what I said but everyone's saying that's the worst thing to do.

They're over complicating this and worried for nothing.

Worst case is that he loses the car and keeps his money....

Looks like a cheap rental for a while to me. Trust me, I've done it before, nothing is on my record or owed and I gave it back and refused to pay because they sold me a piece of shit that broke down twice a month..

Where is here? Because this doesn't sound right at all.

What would they do if he didn't pay, then?

I'm in Ohio. But let's say that they do put it on his credit record or something. Just go out and get another car, with someone else there of course, that is within his price range, before the bs from the other car is potentially on his record. Give the first car back, deal with the mark on the record if any, then be happy with the new cheaper car.

Call James McGill, aka Saul Goodman.

they will sue the living shit out him, then get a judgement then they can attach and seize property. they wrapped up the balance on his old vehicle into the loan on the new vehicle. the lender/dealer aren't going to absorb that extra in addition to taking the hit on the car.

voluntary repo is still a repo.

Long story short, I owed like $5000 still on the car, I said I wasn't paying, then I set up a time and place for the repo people to get it and nothing is on my record or anything left owed and I bought another car in my name right after..

Still talk to an attorney first, though, him being taken advantage of as a senior would probably be a better idea.

the lender didn't pursue it/you is all. they are fully within their rights to do so though. cost/benefit. it's also within their rights to inform the credit agencies.

voluntary repo doesn't excuse the borrower from their responsibility to pay, a repo is a repo.

I actually might have made a deal to give it back with nothing owed because he was a private investor who owned my title after the place that I got the car went out of business...

Yeah, stick with talking to an attorney first..

What happens with a voluntary repo (the bank says) is that the car is sold at auction and whatever the balance that remains, is what the person is responsible to pay.

So that's what would go on my dad's credit.

Still no lawyer has called me back. :(

That's the last thing you want. First you have the trade-in loss, second you have the huge depreciation loss of a new car being auctioned.

In order to be "made whole" again, being at the same place you were before this happened you will have to get an attorney involved who can prove fraud when applying for the loan. Otherwise you are fucked.


.

Would the deal have looked good had your father not rolled in the remainder of his previous car loan balance into the new car? Maybe in the $3-$400's without it rolled in?

this is a complicated case.


lot's of strands in the duder's head

What he really went there for was to find out about leasing a car, since he drives so little miles per year.

He just happened to want something a little bigger than his nissan altima because he has two dogs and guitars he likes to play when he visits his sister. The altima doesn't really allow for room.

We figured his payments would be comparable. He could go up to 330.00 if that's what you're asking. I don't know what the figures were without the extra 6k rolled in.

$330.00 ? Google lease deals there are lots of good cars for $200 a month.

But I knew he was going to owe some money on his altima. I just had no idea it would be worth so little in perfect condition with only 35k miles on it.

Otherwise he could get a lease yes, for like 200 or something.

Seriously, i'm in new jersey too. This has happened to me and lots of friends.
Don't worry. Don't pay.
One day when u wake up, the car will be gone.
Even if they try and sue, what they gonna sue for? They have the car back. They won't waste the time, They would rather take the time to sell the car again or whatever they do with it.
And they can never touch his social security.

I was more or less trying to determine if his payment of $650 or whatever is, really is astronomically high with the $6500 rolled in. for every 1K you add thats usually $25-30/Mo ...He could have easily tacked on an extra $180-$220/Mo based on that alone.

What is the MSRP on this car and what are the terms of the lease/financing?

I have no idea how to find any MSRP.

Terms are 10.60%
Finance charge 12,364.06
Amt Fianced 34.226.42
Total Pmt 46,590.48

72 months 647.00 per month

They also had him purchase some gap insurance for 1931.00

Yep. And they'll probably say that there is still money owed, but at some point they'll take old debt and sell off cheap to collection agencies. Then they'll just call and make up stories about being arrested and other shit if he doesn't pay from some Somalian jerk at a call center lying just to get paid, so don't pick up.. That's all that might happen. If he needs his credit in the future, just explain the story of why it's showing up at the time and they probably won't care, esp. if it's the only bad thing on his credit.

If I could, though, I would try to hurt their business with this..

Good lord he pays more on his car interest rate than I do on my credit card. Refinancing that loan to a 3.9 or better would drop the monthly by $100+

It's because he was old.. :2 cents:

Don't buy shit if you can't afford it.

/thread

He wouldn't have if the dealership didn't lie on his income. They would have been honest and said, unfortunately you can't afford to get a loan here and there's nothing we can do for you.

He would have left with his car and that would have been that.

Instead they lied about his income and got him a loan that he in no way could ever afford.

If that's the case, I'd use that for ammo. There must be some banking laws against them falsifying information to obtain a loan, right?

Let me clarify: don't buy shit if you need to get a loan for it.

http://i.imgur.com/ygWefgJ.png

Keep being a moron.

So what the trick that made the income so huge compared to what your dad is actually making? It seems like a really big difference...

Doesn't look like New Jersey is on this list but there still maybe something along these lines there
http://www.ncsl.org/research/financi...013-legis.aspx

At this point its a he said she said type situation. Her father knew the sales guy fudged his income on the documents and or he did not read what he signed. Leads me to believe you will be stuck with the car since documentation was hastily signed, sealed, and delivered back to the dealer. I still don't understand why he went in looking for a new car to begin with when he owed $6500 on his current vehicle + being on fixed income.

Dad
 

Immediately contact a lawyer,
Contact the state attorney general's consumer fraud department.
Contact the Consumer Financial Affairs Bureau.

Quit listening to crap here, as to if your dad dies, you owe. A lot of that has to do with each state laws and federal consumer and bankruptcy laws.

My mom died and the credit card companies walked way from her debt.

Do you own a home? Generally most need a loan to buy a house. But let me guess you're a baller right?

See if any of these bills like this apply and made it through http://www.njleg.state.nj.us/2012/Bills/A1000/635_I1.HTM

My gfy lawyer rates are too high to do this pro bono

Do you even read the threads or just post to post shit? :error

LOL what? One of my cars cost 50K, I make a hell of a lot more money with that 50K than I would if I paid cash for the car just to save on interest.
Even people with millions sitting around know better because they can make money with their money.

Except based on the OP's conversation with her father he did in fact know his financials were lied about. Making him an accessory to this case. Not to mention now the OP is aiding an abetting in this crime. :1orglaugh:1orglaugh:1orglaugh

If you try to understand why he does what he does, you will start to become crazy like he's making me.

After I called the doctor today to follow up his appt, they said while he's their favorite patient, I need to start coming to appts with him. Womp.