Car Loan Doesn't Exist

Sayce · #1 (**permalink**) 08-21-2010, 01:26 AM

I recently bought a new car and financed it through the dealership. The first payment was supposed to come out this past week but it didn't. So I pulled out the finance documentation and called the 1-800 number provided. When I called them, there was no record of any car loan for me. The rep said that I must have got my financing done through another bank. Considering that I have the finance documents and called the number provided, I know that I didn't finance through a third party. Plus I'm not stupid and realize who I was supposed to get my financing through.

How could they have no record of my car loan? Is it possible that I could never pay a cent for the car?

DavidBibby · #2 (**permalink**) 08-21-2010, 10:16 AM

Are you saying that the first payment was supposed to come out via ACH debit from your bank account?

More than likely.. there is just a delay in the paperwork from the dealerships finance office.. and the debits may start as soon as it is rectified.

or.. The dealership did a bait and switch on you and sold your loan the instant you drove away to another bank.

IF a mistake was made... someone somewhere is going to realize it eventually, and when they do.. they will come after you for all the money you owe them right away.

I would definitely make some more phone calls and find out when payments are going to come through.

One word of caution.. if it turns out that they "lost" the paperwork somehow and they need you to come in and fill it all out again.. make sure they don't CHANGE anything like the interest rate, # of payments, or payment amount. Also check to make sure that the total is right and additional fee's weren't added.

It's good of you to notice a problem right away.. but don't assume you'll get a free car out of it.

PHPMB · #3 (**permalink**) 08-27-2010, 02:04 AM

Definately contact the dealer. As a sales manager at a dealership i can say mistakes happen and loans change. Alot of loans are sent out on law contracts from the dealer. We send them to 3 or 4 banks to see who will give us the best rate or pay us the most for the loan. Call the dealer and talk to the finance manager you signed up with, go there if they do not return calls on the first day. Your credit is at risk, and yes you will have to pay for the car. Do not wait to take care of this.

alfredjony · #4 (**permalink**) 09-05-2010, 04:07 AM

You should contact the dealer ASAP. I will recommend you to do it TODAY and give a personal visit.
Your carelessness in this matter can cause you serious harm

garycullar · #5 (**permalink**) 01-11-2011, 12:30 AM

I suggest that you should take a necessary actions on that one. You might encounter serious problem like got sued (if ever that car was a hot car). There are few reputable car financing companies (like Capitalautoloan)that present the whole document just for you to be assure that you're in the good hands. they also give few advices about terms of period. I'm glad that there are few people that still care about other people with regards to purchasing a car.

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