This has been touched on a little bit, but I think it needs to be thought about in greater detail. He was given a loan by a bank to make this purchase. He had to go through the process of applying for the loan and being approved, and a loan amount and rate were agreed upon. The bank issued him a loan check for the car, which I'm sure he had to give them a VIN number for. So, even if the dealership hasn't cashed the check the bank assumes they own the car and have the VIN in their database (and are waiting on the dealership to send them the title, which they'd keep until the loan is paid off). They've handed over a check to this guy for the loan amount, and he now becomes responsible for making payments on it.

I think, before you do anything else, call your bank and tell them what has happened. You no longer have the check in hand, but you're still responsible for paying the loan back. And, the car belongs to the bank. So, I'm sure they'll want to take some sort of action.

If you aren't able to get this car afterall, then hopefully the bank can just cancel the check (assuming it hasn't been cashed yet) and cancel the loan alltogether. If this happens then I'd be sure to check my credit at a later date and make sure it's still not showing on my credit history.

No matter what happens in the end it's still a very screwed up situation. Sorry you are having to deal with it.

 

What I don't understand is why can't the dealer turn around and stiff the wholesaler like they did you so you can have the car. If it's still on the lot, this is possible. If I were a dealer, I'd rather cancel a deal with just a wholesaler than an individual.

So basically their saying they're willing to breach your contract, but not somebody elses to make things right? I say we start an email campaign to that GM. Anbody have any viruses we could send them?

Keep us updated on the info Firestarter. We're all pulling for you.

 

This really sucks....I hope you get it resolved soon. It looks like you are doing all you can though to get it taken care of!

 

This is an awful situation and I feel really bad for you. But if it were me I would get my money back and just walk away. Sometimes you just need to cut your loses. In this case, assuming you get your money back, you will have lost your time spent on working the deal. It could be worse.

 

There are too many things in this story that don't add up.....
If the dealer is wholesaling it he is not making as much money as selling it as a retail piece. So why would he do this?
Was there a time line involved in your dealings with them that has not been met?
What I am trying to say is there is a story behind every story and I don't think we have heard it all yet.
Dealerships exist to sell and maintaing vehicles at a profit. If the entire process was going as smoothly as you suggest it was then, there is no need to have this type of situation. Therefore, we have not heard the entire story yet.

 

Car Salesman are ALL SCUM!!!!!!!!!!!!!!!!! WIth the exception of the few honest ones out there....


Enough said...

 

It doesn't work like that. Most banks don't start the loan until all paperwork is finalized and the check has been cashed.

Not to say you're wrong - there are some banks that would start the loan as soon as the check is cut

 

 

You might be right, but I would think since he's been given a check by the bank he now has their money in hand and owes them. I'm not a banker by any means though, so I'm not sure.

Hopefully the check has not been cashed and the dealership intends to return it.

 

On the other hand, if firestarter received a bill of sale from the stealership and they cashed the check, technically, the car is the property of firestarters.