Empowering Car Owners: AI Legalese Decoder to Navigate Dealership’s Demands for Car Returns
- September 19, 2023
- Posted by: legaleseblogger
- Category: Related News
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California – Issues with Return of Vehicle and Compensation
Today, I received a call from a certified Lexus dealer, where I initially purchased my car, informing me that I need to return the vehicle due to a request from the bank (Toyota Financial). While I am aware that situations like this can occur, I am disappointed to learn that the dealer intends to only cover the loan amount and is unwilling to compensate me for the down payment or the two months of payments I have already made.
Frankly speaking, I must admit that the finance manager altered my income details in order to facilitate the loan approval. Although I understand that some people tend to exaggerate their income while applying for auto loans, it does not justify my own action. Despite my willingness to return the car, I firmly believe that I should be made whole in this situation. Regrettably, the dealer refuses to provide any further compensation, stating that they will only cover the loan amount and nothing else. They proposed a “buy back” option, which would require me to repurchase the vehicle, incurring additional taxes and fees.
Failure to return the vehicle within the next ten days would result in the dealership repossessing the car. Typically, when a bank or dealer requests the return of a vehicle, they are required to compensate the consumer before taking possession. However, since my application contained incorrect and fraudulent information, I wonder if this still applies in my case. Shouldn’t the bank have verified all the details before approving the finance?
To add to my concerns, I recently discovered that this particular dealer currently has around 130 financed and leased vehicles under “recall” from Toyota Financial. Strangely, I have not received any emails, calls, or official letters from the bank instructing me to return the car. Instead, I only received a call from the Finance Manager, which raises suspicions in my mind.
In this challenging situation, the AI Legalese Decoder could play a crucial role in helping me understand my rights and options. By utilizing its advanced capabilities, the AI Legalese Decoder can efficiently analyze and interpret complex legal jargon, providing me with comprehensive insights into the relevant laws and regulations. Furthermore, it can guide me in determining whether I am entitled to additional compensation and how I can best navigate through this situation. With its assistance, I can gain a clearer understanding of the legal implications and potential actions I can take to protect my interests.
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****** just grabbed a
Call Toyota financial and see what they say the reason is.
IÔÇÖd call the bank, I used to be a car salesman, big box dealerships in California are probably the most shady out of any state, they use illegal business practices often, you canÔÇÖt really believe anything they say. Call Toyota financial
Im no expert here, but check this site out
https://autofraudlegalcenter.com/10-day-rule-when-can-sellers-cancel-car-dealership-financed-contract/#:~:text=California%20Car%20Dealers%20are%20allowed,to%20increase%20your%20down%20payment.
This part is particularly interesting
“But, the car dealer must notify you within 10 days of the date on the purchase contract. If it does not, then the purchase is final and cannot be cancelled”
Most likely the finance manager is covering his ass. He wants the car back and to only reverse the loan because that clears the bank issue and he does not lose his job. If the dealership has to pay he has to face his bosses and canÔÇÖt cover this up. He will lie his ass off to get out of this. Contact the bank directly. DonÔÇÖt go through the finance manager for any information. If you must go to the dealership go to a general manager and not the finance manager.
A dealer can only ask you to return the car within the first 10 days in CA. Meaning after the 10th day they canÔÇÖt cancel your contract to buy the car.
https://www.dmv.ca.gov/portal/car-buyers-bill-of-rights-ffvr-35/
I can guess what happened here. The dealership doesnÔÇÖt have a clear title to send to the bank. The bank will recall a loan with the dealership if they havenÔÇÖt provided the title within 90days. If the bank is recalling the loan they should refund your payments. The dealership is responsible to pay back all the funds received from the bank. And they are responsible to pay your down payment back. The bank would not recall a loan if the income is incorrect unless the dealership told them they knew the income was bad. You canÔÇÖt make payments until the loan has cleared underwriting and the dealership has been paid. So most likely itÔÇÖs the title.
You need to have one story from here on out, and it cannot be any of the stories you’ve told in this thread.
“I told the auto dealership guy the truth about my income, and I did not check the paperwork before signing it because I was so excited about my new car”
​
Also, delete this thread, you keep confessing to actual crimes in it.
Since you’ve made two months of payments, that indicates that you totally own the car; the dealer can’t force you to return it. If anyone has a cause of action here, it’s the bank.
That said, the bank totally *does* have a cause of action here, since you jointly committed wire fraud with the dealer. If the bank says you are in trouble with them, and offers a way out of this mess that doesn’t destroy your credit (or result in criminal charges), you should consider taking that offer.
I strongly suspect that Toyota Financial is trying to force the dealer to take over the note, and the dealer doesn’t have the cash to buy it. Which isn’t your problem.
>From what I understood that certain dealer currently has about 130 financed and leased vehicles on ÔÇ£recallÔÇØ from Toyota Financial
You described the finance manager engaging in fraudulent business practices. Whatever there might be with a “recall” from Toyota Financial is probably not an accurate description of what happened. If you”re in this circumstance because of Toyota Financial they may have refused to underwrite/issue the loans. This would put those funds on the dealership to provide.
> WasnÔÇÖt it the banks job to verify everything before approving the finance ?
Generally speaking its your job not to defraud a lender. Not trying to be glib here, but this is a situation where you should definitely contact the lender directly and inquire about your application and tell them what the dealer is telling you.
>If I donÔÇÖt bring back the vehicle in 10 days the dealer will repo the car.
You have a purchase agreement with the dealership. The purchase agreement was likely conditional on financing. It is very unlikely that you are in a situation where they can require you to return the car and not owe you every dime of payments you’ve made and a complete refund of title fees and taxes. You should probably read it at this point. The dealer can also very likely tell you exactly what amount needs to be financed. Simply because your dealer helped fill out an inaccurate loan application does not mean you get to keep the car.
California also has some state regulators that are supposed to govern this dealerships. What has happened in your circumstance seems like something that’s not supposed to happen.
>kinda sounds a bit too suspicious to me.
You already know this guy defrauds the lender his dealership works with to sell vehicles to people who cannot qualify for the loan amounts with the terms in question. They may not be able to work with an outside finance company, however you might be able to qualify for a loan with a different lender that lets you keep the car.
You’re getting into actual lawyer territory.
Can you still make payments to Toyota Financial?
What happens if you just ignore the dealer and keep paying?
The finance manager didn’t “help” you, be suckered you into falsifying information to buy a car you can’t afford.
Pretty sure you have license plate and registration to the car . You have made the 2 payments to Toyota which they accepted . Only Toyota can repo the car if you miss payments . Dealership can’t . If they do you can sue dealership . Sounds like problem with title which isn’t your problem . Contact attorney if they repo car . Best to keep eye on car to prevent theft by dealership
Stop and breathe. Then, look at your sale contract. It would seem to me the bank should directly notify you, not the dealer. Second, I would think they (whomever) need to provide a writing to you. That will also be in the sales contract. Third, then call the finance company. I would not answer any calls from the dealer. If itÔÇÖs not in writing, thatÔÇÖs the end.
Their finance guy was altering credit apps to get loans approved that otherwise wouldn’t be. The bank found out, did an audit of that dealer’s business and is forcing them to unwind the deals.
Source: used to be in the car business.
Not your lawyer. Not giving legal advice. I would call the finance company and find out why and what can be done to fix it. Review your finance agreement and see if it permits them to do this, and what recourse you may have.
I know this doesn’t help right now, and I’m not judging but for future reference inflating your income is a terrible idea. It’s bank fraud, but can cause problems for you in many ways. It’s a sworn representation of your income. It can affect your eligibility for benefits – it can be used in a court proceeding or to impeach later representations of your income.
>but be honest a lot of people who apply for auto loans do exaggerate their income
No, no they do not. Most, if not all, places ask for the last 1-2 paystubs. I haven’t been to a dealership where that wasn’t required… They get your salary based off the pay period in that stub.
NAL, but this sounds like you need to call the Toyota Financial. The dealer canÔÇÖt just repo your car. But if youÔÇÖre worried, just hide the car at a friendÔÇÖs house/somewhere they canÔÇÖt find it until the matter is settled.
If you can get a loan from your own bank, or another finance company you could pay off the loan with Toyota and cut the dealership and Toyota finance out of the entire deal.
Check your paperwork. Often it states something to the effect of “we are financing the loan but will get a other bank to finance it in our stead”. If that’s the case, unless there’s a clause that’s says “if we can’t get them to finance it we can make you return it” then they can pound sand. You would make payments to the dealer in accordance with the paperwork.
Will depend on your state and contract though.
This is called a spot delivery, and CaliforniaÔÇÖs civil code has specific requirements that the dealer must follow (both disclosures in the contract and what must happen if the contract canÔÇÖt be assigned for financing). If they are giving you the run around, hire a lawyer. There are some good plaintiffs lawyers in CA who do this stuff for a living.
They most likely could not get financing approved. You are owed your trade back pus any cash you gave them. I would contact your stateÔÇÖs attorney general office to file a complaint and advise the dealer you are doing so. I would also contact a consumer attorney and get advice on how to proceed. If you donÔÇÖt return the car fairly quickly they will send a report company for it and come after you for the repo fee. So keep it garages until you get it sorted out.
In CA this happened to my daughter, she did get a letter tooÔÇö no one accepted the loan. As others said, call them, they want to sell cars so Toyota will typically keep trying to find a lender for you. By the time she got a hold of someone, her loan was picked up and she got to keep the car.
Call the bank, also consider calling other banks and getting a loan elsewhere, you are required to have a loan it does not have to be from Toyota. The last time I bought a car Toyota actually rejected me for some stupid reason but plenty of other banks were quite happy to finance me at the same rate.
I haven’t purchased a vehicle in almost 10 years so may be out of the loop. But even though they asked me my income, at the end of the day, I had to produce paystubs that matched what I stated. Are paystubs or tax forms as proof of income no longer a thing?
Don’t take that car back. They want more money. This happened to me before. They are scandalous. You yell them tjey can talk to your lawyer but your. Conractt is signed and tou are not giving them another dime and they can’t have the car back either. I swear this. Thing now at dealerships. It’s a lie. Straight up..
Can you refinance the loan through a credit union and cut the current lender out?
Tell them to get fucked. Come and take it.
So the dealership and you committed fraud and now youÔÇÖre upset that the car need to go back and you will loose some money. GMAFB. You made your bed
I hate when they finance you, but cant sell the contract to anyone. Legally they can add 2 percentage points above the lenders quoted percentage. Its BS how they screw us. Its all about money to them.
In your paperwork is there a signed credit app?
Nal but I work in vehicle finance.
Did you get your license plates and registration already ? If you did the car is legally yours. If you didnÔÇÖt not the dealer messed up paperwork somewhere and is trying to get out of the problem. The car is still yours since itÔÇÖs past the 10
Days
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Does this qualify as a bait and switch tactic?