I will not go into details. So I will make long story short. Traded my Chevy Z71 on a 03 Tacoma 12-28-04. Took truck home. No paper work signed that day at all. 2-4-05 and still no paper work. I have repeatly called the dealership to let them know, no paper has been sent. "This dealership is a 3 hour drive, that is why I called instead of just going to the dealership"
Here is my question. Since this dealership has paid off the Chevy Z71. I called the bank to confirm and it has been paid for by them. Can I take the Toyota back and refuse to take the Chevy back?
I do not want the Chevy back. It was a piece of junk and I had a lot of negative equity (sp?) in it.
Something is fishy. I'd consult a lawyer - no matter your plan from here. Someone, somewhere is waiting for their money for the Toyota, and no doubt interest is being accrued...
My question is this. Do you want the Toyota? If you don't, why did you buy it in the first place? Were you looking for a loophole to get rid of the Chevy? And what kind of fool takes a truck home without paperwork in the first place? Just curious.
There was a "Mr. big volume!!!" (ads) dealer here locally who was running a scam doing something very similar to this locally. It wound up on the evening news.
Basically, the dealer would put the buyer in a pinch by claiming to have sold the trade in a hard-sell attempt to force them into the "loaned" newer vehicle (at higher purchase price, rates, and so on.) In thie local case, this seemed to be people who'd have trouble getting financed or who were "upside down" on the traded vehicle, whatnot.
In effect, the 'buyer' couldn't go back to their old car, didn't like the deal on the newer car, but couldn't afford to be without a vehicle for any number of reasons....
The OP here is also driving on no more than 30 days of insurance (depending on their company and location ) in a vehicle that is neither titled or registered in his name. This almost guarantees a return visit back to the dealer.
None of this is very smart, imo....
I'd sure like to hear how that conversation goes once the Toyota is taken back :):)
It's good that i'm out of a chevy. I owed more than it was worth. As far as being out of a Toyota. I could buy one anywhere, not a big deal. Really better off, since I would not be trading in now. If no paper work was signed. How could it hurt my credit? Officially the Toyota is still their truck. And the way I see it. The Chevy is officially their truck since they paid it off.
Problem is, you were upside down on the chevy. They paid it off. They then will add that difference to the "sales price" of the Toyota.
No sale of the Toyota, don't be surprised if they attempt/demand the difference in what they paid off on the chevy and what they supposedly sell it for.
Not siding with the dealership or you. Just telling you that money is owed somewhere, and it'll wind up being on you.
How could this be my fault? I have REPEATLY tried to get them to send paper work for this truck so I can start paying for it. I would like to start fixing it up, grill guards, kc lights, etc...but i can't do that if the truck is not mine yet. I'm 32 years old and have probably bought or traded in over 30 vehicles since I was 16. Never have I had a dealership to do this. And this is one of the biggest and most well respected dealership in this state. They sell hundreds of vehicles weekly.
As far as the Chevy goes. What if I told them I want it back? What if they have done sold it? Why would I be reliable for the difference? It's not my fault they will not send paper work on the Toyota and that they sold the Chevy.
As far as the Chevy goes. What if I told them I want it back? What if they have done sold it? Why would I be reliable for the difference? It's not my fault they will not send paper work on the Toyota and that they sold the Chevy.
Why would you leave the dealership with no papers? I don't understand that part of it, but maybe I'm missing something.
I had a 2001 chevy Z71 and I traded for a 2003 Tacoma. I accepted $11,500 on trade in for the Chevy. I owed $16,200 on the Chevy. So I was upside down $4700.
The price for the Tacoma was $21,900. After adding the negative equity the finial total price for the Tacoma was $27,250.
The salesman left the option up to me on how I wanted to pay for it. I opted to go through my local bank, since they were offering a 4.99%. But the bank would only go 90% of the loan value on the truck. Which was only $19,400. No way I could come up with 6000 or 7000 cash to make up the difference. So I contacted the salesman on 1-4-05 to let him know that I could not buy this truck and that we need to make arrangements to get my Chevy back and for them to get their Tacoma back. Well he was like, NO, NO, NO, I want to do business with you. We can find you a bank that would loan you 100% of the $27,250. Ok, now i'm at this point. No paper work has been sent. And I did my part by calling weekly to let them know that paper work has not been sent.
So my question still is: Am I still obligated to pay for the Chevy? If I take the Tacoma back? Note: Chevy has been paid off by them already. I have signed nothing on this Tacoma. As far as know they could have sold the Chevy already.
Go see a lawyer, tell him/her your story... this is actually a very complex legal issue, and one that puts you at risk, as well as the dealer...
1) Did you sing a title transfer for your Chevy? This is required, as the truck is titled in your name, the bank only has a lien on the title to secure the loan. If the dealer paid off the loan, and the title has not been transferred, they cannot legally sell the truck to somebody else (not even at auction).
If you did sign the title transfer, then the truck is theirs, they paid for it. If they sold the chevy without the title transfer, this is fraud, and they are liable.
This is why you need professional advice from the lawyer.
2) If you are driving the Tacoma, stop, now...
somebody is going to be paying for wear/tear on the vehicle.
3) What about insurance? Are you covered, did you update your policy? If so, there are questions here, as most insurance companies need proof of ownership (normally, they verify the VIN through their DMV connections, or copy of registration).
Worst case - you lose the chevy, end up responsible for the gap in wholesale price vs. owed amount on the note, and possibly lose the Tacoma as well, unless you are able to arrange financing (if so, don't do it through the dealer, go to a credit union or bank).
Any more interaction with the dealer, do not do it over the phone, do it in writing, and make copies of everything. This also goes for any related interactions with the bank on this matter.
Tim wrote: Did you sign a title transfer for you Chevy? ---no I didn't. So that answers my question. The chevy is still legally mine. thanks
Tim wrote: If you are driving the Tacoma, stop, now......--I have didn't want to screw someone else on this truck in case it goes back. I guarantee they will still ask the same price even though I have put 2500 miles on it.
Tim wrote: What about insurance? Got insurance on it the next day with no problems at all.
Did try the credit union only go 90% of what the truck is worth. See i'm screwed. There probably is not going to be a bank out there that will loan that much money on this Tacoma.
Not if they forged your signature on the paperwork and sold it out from under you it isn't. Well, it still is legally but it'll be a protracted fight to get the paperwork rescinded and everything sorted out.
I have to agree with the others, Cover Your Ass, go get a lawyer on your side, and do it NOW. Take all the paperwork and they'll usually give you an initial consultation for free or cheap.
And the Professional Licensing division of your State DMV (that issues licenses for dealerships and salespersons) might be interested in helping you, too - they take a dim view of unethical practices.
When the dealership is informed that you aren't going to be a doormat, they'll start dealing with you fairly.
There are shady dealers who do stuff like this deliberately just so you get into a situation where your nuts are in a vise, and they'll keep cranking that vise tighter till you pick their solution.
Then they fake the paperwork on the loan they arrange to get the valuation of the truck high enough to cover the amount owed, and/or falsify your income or cover up negatives in your credit to make sure the loan goes through - a loan that they get a large commission kickback on from the lender.
And if the loan blows up, they can say you were the one that gave them the bogus information. And it's up to you to prove them wrong.
Go. Talk. To. A. Lawyer.
You may have to get two loans from the Credit Union - a used car loan to cover the new used truck, and a personal loan for the balance that you were upside-down on the old car. Or hit up a friend or relative for a personal loan.
Stay away from the dealer financing, that's a sucker bet.
2500 miles? They can't legally sell it as a new vehicle.
My credit union has always gone 100%, including the negative equity on my trades, extended service policies, tax, license, and doc fees. Never been a problem. Does NuVision Financian do business in your state?
Re: Need some legal advice on my Toyota Group: alt.autos.toyota.trucks Date: Sun, Feb 6, 2005, 11:53pm (CST-2) From: snipped-for-privacy@linkline.DONTSPAMME.com (Rich=A0Lockyer) On Sun, 6 Feb 2005 17:42:16 -0600, snipped-for-privacy@webtv.net (Brian) wrote: guarantee they will still ask the same price even though I have put 2500 miles on it.
2500 miles? They can't legally sell it as a new vehicle. Did try the credit union only go 90% of what the truck is worth. See i'm screwed. There probably is not going to be a bank out there that will loan that much money on this Tacoma. My credit union has always gone 100%, including the negative equity on my trades, extended service policies, tax, license, and doc fees. Never been a problem. Does NuVision Financian do business in your state? =A0=A0=A0=A0--- Rich =A0=A0
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------------------------------------------------------It's not a new truck. Its a 03 and it had 22,??? miles on it.
Our Credit Union for the past 20 plus years had always loaned beyond the loan value. No matter what the price. You went in their and said, I need this amount for this truck, and no questions asked. That's why I left the dealership with the Tacoma. But about 3 months ago. "Didn't know this the day I traded", My credit union went under new management and the president, he is go by the book kind of guy. Which is only 90% of what the loan value is of the truck. Yes I could get a secondary personal loan, but I would be paying 12% on $8000.
Group: alt.autos.toyota.trucks Date: Sun, Feb 6, 2005, 11:53pm (CST-2) From: snipped-for-privacy@linkline.DONTSPAMME.com (Rich Lockyer) On Sun, 6 Feb 2005 17:42:16 -0600, snipped-for-privacy@webtv.net (Brian) wrote: guarantee they will still ask the same price even though I have put 2500 miles on it.
2500 miles? They can't legally sell it as a new vehicle. Did try the credit union only go 90% of what the truck is worth. See i'm screwed. There probably is not going to be a bank out there that will loan that much money on this Tacoma. My credit union has always gone 100%, including the negative equity on my trades, extended service policies, tax, license, and doc fees. Never been a problem. Does NuVision Financian do business in your state?
--- Rich
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's not a new truck. Its a 03 and it had22,??? miles on it.
Our Credit Union for the past 20 plus years had always loaned beyond the loan value. No matter what the price. You went in their and said, I need this amount for this truck, and no questions asked. That's why I left the dealership with the Tacoma. But about 3 months ago. "Didn't know this the day I traded", My credit union went under new management and the president, he is go by the book kind of guy. Which is only 90% of what the loan value is of the truck. Yes I could get a secondary personal loan, but I would be paying 12% on $8000.
Call your State's motor vehicle regulatory agency. It is likely that the dealer is licensed to sell vehicles by the state and it may be in violation of state requirements.
When you purchase a vehicle you need the title! You need the registration filed with the state agency. Less than that and you don't own a vehicle you can register or sell to a third party.
Then go over to the dealer, see the sales manager and sit there until you get satisfactory answers. In NYS, and most other states it is illegal for a dealer to sell the vehicle unless it has the title in hand and it has only a few days to file the registration with the state, Anthing less and the dealer will be put out of business!
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