Tips on Buying Cars: Re: Wrecked used car sold for more than its value, dealer fraud, 2006 camry

Question
Do the banks care that a car dealership sold a vehicle(that had previously been wrecked)fro $1800, but it's worth about $9000?  A 2006 Camry was purchased aboutn 10 months ago and financed through a lender for $18k.  Found out about 2 months ago that the vehicle had been wrecked and repaired and is worth about $9000.  This is a 66 month contract.  Is this fraud, as far as the lender would be concerned?  What are my options?  Thanks.

Answer
I need more info, or should I say clearer info.  Are you saying that a dealer sold you a car that had been in a wreck, that they knew it had been wrecked, and didn't disclose that fact to you when you purchased it?  If that's what happened, then it's a clear-cut case of fraud and you should contact a lawyer immediately.  As for the bank, they're all different in this regard.  One bank may look the other way if the borrower has perfect, stellar credit; they figure if you're smart enough to get such a good credit score, then you know what you're getting into with a vehicle purchase.  On the other hand, another bank may want to protect its collateral, and if the car turns out to be far less than originally proposed due to dealer fraud, then they most definitely would care.

Like I said, consult with an attorney well-versed in motor-vehicle contract law as soon as possible.  They're the ones that will guide you through this.