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There is nothing worse than buying a car and having it break down with a major issue shortly after you buy it. Even worse is when it's been just long enough since you bought it that the dealer won't do anything about it. No taking the car back. MAYBE a discount on the repair, depending on their management, but that's all.
NO I can't force the dealer to take the car back. NO I can't undo the loan. The dealer got that money and cashed it before you drove off the lot. (Okay, it generally takes a couple of days, but still, not that long).
Do I think it's illegal for them not to take it back? Well, I'm afraid I'm not a lawyer, and I don't know my lemon laws, but I'm betting that "As-Is" clause you signed probably means you're out of luck.
I have sympathy. Really, I do. But seriously, I CANNOT do anything about your car. A car loan does not make the lender responsible for the maintenance of the car. All we're doing is lending you money at a cheaper rate because there is (or was) a car backing up your signature agreeing to re-pay us.
NO, the loan does not go away because the car won't run.
NO, it really doesn't.
WE did not buy the car. We lent you money so that YOU could buy the car. That money is still lent out. It is still gone. The loan may now be the equivalent of a personal (unsecured) loan now, but you still owe it.
Yes, you can do a voluntary repossession, but that still will not get rid of the loan. Why? Because we lent you $10,000. Unfortunately, the car is in seriously bad shape now and is NOT going to sell for anything close to that amount. ESPECIALLY not at auction,which is where it will go if we take it. Really, you'd be better off trying to sell it yourself. But either way, you will still owe the remainder of the loan.
Because we lent you $10,000. That means you owe us BACK $10,000 plus interest. That what a loan MEANS. Yes, even an auto loan. Now, we will do our best to help you. I can redo the loan for more money if you want to try to add the cost of repairs to it. I can redo the loan at a longer term to knock down the payments. I may even be able to get a work-out done on the interest. The underwriters are human, and I'm really good at passing along sob-stories, and frankly, we don't want an auto loan on a car that doesn't run any more than you do. If changing the loans terms will help, we will try to do it. I also happen to know EXACTLY who to ask up the chain of command to give you the best chance at an exception from normal policies. But we are NOT going to just write-off $10,000.
If you choose not to pay the loan, that is your choice. It will go to collections. It will go on your credit. And we will choose not to ever allow you to be our customer again in the future. If that is the path you decide to take, so be it. It won't be the end of our world. Or yours.
*sigh*
NO I can't force the dealer to take the car back. NO I can't undo the loan. The dealer got that money and cashed it before you drove off the lot. (Okay, it generally takes a couple of days, but still, not that long).
Do I think it's illegal for them not to take it back? Well, I'm afraid I'm not a lawyer, and I don't know my lemon laws, but I'm betting that "As-Is" clause you signed probably means you're out of luck.
I have sympathy. Really, I do. But seriously, I CANNOT do anything about your car. A car loan does not make the lender responsible for the maintenance of the car. All we're doing is lending you money at a cheaper rate because there is (or was) a car backing up your signature agreeing to re-pay us.
NO, the loan does not go away because the car won't run.
NO, it really doesn't.
WE did not buy the car. We lent you money so that YOU could buy the car. That money is still lent out. It is still gone. The loan may now be the equivalent of a personal (unsecured) loan now, but you still owe it.
Yes, you can do a voluntary repossession, but that still will not get rid of the loan. Why? Because we lent you $10,000. Unfortunately, the car is in seriously bad shape now and is NOT going to sell for anything close to that amount. ESPECIALLY not at auction,which is where it will go if we take it. Really, you'd be better off trying to sell it yourself. But either way, you will still owe the remainder of the loan.
Because we lent you $10,000. That means you owe us BACK $10,000 plus interest. That what a loan MEANS. Yes, even an auto loan. Now, we will do our best to help you. I can redo the loan for more money if you want to try to add the cost of repairs to it. I can redo the loan at a longer term to knock down the payments. I may even be able to get a work-out done on the interest. The underwriters are human, and I'm really good at passing along sob-stories, and frankly, we don't want an auto loan on a car that doesn't run any more than you do. If changing the loans terms will help, we will try to do it. I also happen to know EXACTLY who to ask up the chain of command to give you the best chance at an exception from normal policies. But we are NOT going to just write-off $10,000.
If you choose not to pay the loan, that is your choice. It will go to collections. It will go on your credit. And we will choose not to ever allow you to be our customer again in the future. If that is the path you decide to take, so be it. It won't be the end of our world. Or yours.
*sigh*
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