QuestionI purchased a 2003 Hyundai ,we set up a 3 part down payment300.00 cash the day of purchase and two 600.00 payments 2 weeks apart. the first week I had the car it started to over heat, I dropped it off to be fixed, they had the car after the day of the second installment of my down payment, I said I would pay it when the car came back. well the car never came back , the bank dumped the loan, they couln't find another lender to take the terms that i needed.
do I get my 300.00 back?
AnswerHi Marsha,
Unfortunately, I don’t think you can recover the $300. Although [I assume] you purchased the vehicle from a dealer, you’re financing arrangement was with a bank or other lending company. Regardless of any work you where having done to fix the overheating problem, or how long the vehicle was in the shop, you had an agreed to obligation to make your payments to the bank at specific times.
But, regardless of the documented legal arrangement, it seems pretty lame for them to “dump. . . the loan” and keep your money, especially when you all you were trying to do was buy a car that you really need, and were willing to work with them by making the 3 part down payment.
The laws of different states can vary quite a bit, and I am not giving you legal advice, which I think might help you if you could get some. If you’re not in a position to talk with an attorney, which can be quite expensive, you might try contacting your local family services organization who frequently has attorneys available that you can at least consult with. You can also look online: I just searched for pro bono legal services; one site it returned was a listing of pro bono attorneys by state. The link I’m looking at is http://www.searac.org/probono_legal.html and there are others you can find. It would be good just to be able to ask an attorney about this over the phone.
Thanks, I hope this helps a little.
Ron
