My question involves a consumer law issue in the State of: Arkansas
I traded in a 2014 Nissan for a 2016 Chrysler. While in the Dealership the very first thing the Salesman did was ask me for the account number for my current loan. Sitting with me at the table he contacted the lender and gave them the account number and asked for the Pay off and the 10 Day Per-diem. I had already told the salesman I believed I owed $X.XX on the vehicle. He said it was policy for them to call the current lender and confirm that amount. Again, while sitting at the table with the Salesman he contacted the original lender, they asked to speak with me to verify all my personal information and the vehicle that we were inquiring on. Once I confirmed my account I handed the phone back to the salesman who then asked for the pay off amount. The Lender provided the dollar amount, plus 10 day per-diem. The salesman showed me the number and I said to the salesman that it did not look correct, I believed it should be more. The salesman put the call on speakerphone and asked to confirm the payoff amount with the original lender. The lender confirmed the amount with both the salesman and myself. With that number in hand the salesman proceeded to move forward to loan approval with the finance department. The loan was approved and funded for the new vehicle. I have now had the vehicle for two weeks. I have already received my confirmation call from the new lender for the new car and been advised of my first payment due date.
Yesterday I received a letter from the original lender thanking me for my large advance payment and advising me of my next due date 2.5 years from now on the vehicle I traded in. I contacted the original lender immediately and asked them to clarify as this was supposed to be a pay off. The original lender stated that there was still almost $6k owed on the loan to pay it off. I explained that it was they themselves that provided the pay off details to the dealership, and it was confirmed twice. I was instructed it was my responsibility to inform the dealer of the mistake.
I did my part, I provided my account information to the dealership. The dealership did their part they called and inquired on the payoff of the loan. They confirmed with the original lender the amount that was provided by them as the pay off amount and the dealership paid the amount that was provided by the original lender. Neither the dealership or I acted in any way that would have mislead the original lender, the original lender confirmed the pay off amount twice.
What do I do now, who is responsible for this mistake. I was up front and honest, I provided all information, the dealership confirmed the information twice with the original lender. My loan on my new car was directly related to that pay off amount. Had the amount been more it is likely I would not have been approved for the new loan. It seems to me that the original lender was in error and they have to take responsibility for their mistake, it was they that provided the incorrect information and both the dealership and I proceeded in good faith that the information provided was accurate.
Please advise if possible.
Lars
I traded in a 2014 Nissan for a 2016 Chrysler. While in the Dealership the very first thing the Salesman did was ask me for the account number for my current loan. Sitting with me at the table he contacted the lender and gave them the account number and asked for the Pay off and the 10 Day Per-diem. I had already told the salesman I believed I owed $X.XX on the vehicle. He said it was policy for them to call the current lender and confirm that amount. Again, while sitting at the table with the Salesman he contacted the original lender, they asked to speak with me to verify all my personal information and the vehicle that we were inquiring on. Once I confirmed my account I handed the phone back to the salesman who then asked for the pay off amount. The Lender provided the dollar amount, plus 10 day per-diem. The salesman showed me the number and I said to the salesman that it did not look correct, I believed it should be more. The salesman put the call on speakerphone and asked to confirm the payoff amount with the original lender. The lender confirmed the amount with both the salesman and myself. With that number in hand the salesman proceeded to move forward to loan approval with the finance department. The loan was approved and funded for the new vehicle. I have now had the vehicle for two weeks. I have already received my confirmation call from the new lender for the new car and been advised of my first payment due date.
Yesterday I received a letter from the original lender thanking me for my large advance payment and advising me of my next due date 2.5 years from now on the vehicle I traded in. I contacted the original lender immediately and asked them to clarify as this was supposed to be a pay off. The original lender stated that there was still almost $6k owed on the loan to pay it off. I explained that it was they themselves that provided the pay off details to the dealership, and it was confirmed twice. I was instructed it was my responsibility to inform the dealer of the mistake.
I did my part, I provided my account information to the dealership. The dealership did their part they called and inquired on the payoff of the loan. They confirmed with the original lender the amount that was provided by them as the pay off amount and the dealership paid the amount that was provided by the original lender. Neither the dealership or I acted in any way that would have mislead the original lender, the original lender confirmed the pay off amount twice.
What do I do now, who is responsible for this mistake. I was up front and honest, I provided all information, the dealership confirmed the information twice with the original lender. My loan on my new car was directly related to that pay off amount. Had the amount been more it is likely I would not have been approved for the new loan. It seems to me that the original lender was in error and they have to take responsibility for their mistake, it was they that provided the incorrect information and both the dealership and I proceeded in good faith that the information provided was accurate.
Please advise if possible.
Lars
Trade-Ins: Original Lender Gave Incorrect Pay-Off to Dealership, New Loan Funded
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