Mommalu wrote: My point being is, people trade in and buy something else all the time. When a dealers finance department decides to work out the numbers it should do so accurately. We gave them the account number and phone number, the title with the lien, a clean trade in, and were available for any additional information needed.
The new trailer sat at the dealer for a week until we could find time to pick it up and sign the paperwork. There was plenty of time to get the contracts in order, to move beyond verbal to something in print, legally binding. Had that been done we still would have had some options, keep the old unit, try to reduce the price on the new or ask for more trade in. As is we had none of those choices. Two weeks after the sale this all surfaces that gee something isn't quite right, facts and figures don't match up. A little late I can not legally return the Jayco, but they can demand more money.
Associated has admitted it gave the wrong amount. The disturbing part is when we the customer inquire for pay off amount the bank in this case can give out any amount right or wrong and are not held accountable. WHO else can do business this way? How does one prevent this from happening again with a house, car, motorcycle, or any other big purchase?
Why can a dealer and financial institution have binding verbal agreements and you and I are held to a higher standard?
There is a whole lot more here than a mere $1500.
If it is a mere $1500.00 you owe it , pay it! Without a clear title to your trade in you will have defaulted on the downpayment on your new trailer and it will be repoed and show as such on your credit rating.Stop trying to get out of it or pay the consequences , your choice. It isn't a perfect world ,mistakes do happen .
___________________________________________
I plan on living forever , so far , so good
I agree with Fire Instructor, Try to work a deal with the bank and dealer.
It isn't your fault the bank screwed up. And it isn't your fault the dealer was given the wrong info. But it is your loan.
Some one is still making money on the $1500. If everyone takes a piece of the pie, it will go away quicker.
Lean hard on the dealer, tell them this could be a potential deal breaker. They don't want the NEW ( now used ) trailer back.
We always pay extra each month, Feb. we threw an extra $1000 towards it. I haven't seen a statement from Associated in years, I have yet to have success in establishing on line access to our loan. As for calling, it's usually a 15 to 60 minute wait.
Last I knew, we owed $5000, that was a year ago, if that info was correct. So the $3500 we were verbally told should have been in the ball park.
Trust me its not the money its the fear that with any purchase this could happen. Two weeks after the paperwork is done is not when things like this should surface. It's unnerving that if this could happen with a camper why not a house and why not $15,000? Same institution could be involved.
When is information factual and when is it fictional? Should it take 3 weeks for a financial institution to determine your correct balance on their loan? and is it truly the correct balance? If they can't decide what our balance is, is there any hope we can be absolutely certain of it? especially when the bank has the final say.
Lesson learned, if you haven't a statement on bank stationary dated and delivered to you, it is not necessarily accurate, and weeks later a new balance can and in our case did surface.
Associated promised that this would have no impact on our credit rating, it is their mistake, we just feel the pain and bewilderment.
I believe if it was me I would make sure the title is still in my name and continue to make payments. The customer that bought your old camper from the dealer will push them for a clean title then you will have some bargaining power with the dealer. I would think they could meet you have way on the $1500.00 since the mistake is not all your fault.
Mike Schriber wrote: If the dealer or the bank does not want to cover the amount then you're entitled to cancel the deal.
Probably somewhere in the paperwork, usually on the back of the buyer's purchase order or even the contract, the OP (purchaser) agreed to pay any shortage in the payoff amount and the dealer (seller) agreed to refund any pay off overage.
The OP is stuck to pay off the loan and the bank's offer of 0% loan is very fair.
The bank and dealer could jointly sue the OP and they would prevail, seizing the OP's assests to get their judgement.
I'm so sorry you are having this trouble. If I have learned one very important thing in my life it is, "Take NOTHING for granted". I am responsible for everything I sign my name to. I trust NO ONE when it comes to money or finances of any type.
I know from now on you will arm yourself with every shred of information you can get your hands on before you do ANYTHING!
It was a $1,500.00 lesson, but it was well learned.
Please get your new trailer, have fun, and move on ahead with life.
Every day is a new adventure, please don't miss out on any because of this.
Winnie SS '08
We have our loan through M&T Bank. I HAVE NEVER SEEN A HARD COPY OF MY BALANCE! They sent us payment books and thats all we have. To the best of my knowledge they do not do online payments and I have no info from them on how to access my account online. It sucks! I did what the OP did and called for my balance when we began shopping for the new TT. I have since seen the actual balance on my credit report and it jived with the verbal amount. That being said I do feel the dealer is somewhat at fault here for not verifying his interests and not contacting the lien holder for verification before moving ahead with the sale of the new trailer and taking the Bantam in trade. Would you take someones word that something was paid off and who the lien holder was without verifying? Less scrupulous sorts could have given this dealer all kinds of bogus info to include a false lien holder and disappeared. The other question is how and why did the dealer sell the Bantam if they had no proof of ownership? They sold a TT with no title?
Yes, the bank made a mistake but given the info that the OP had and the dealers preclosing actions the dealer is also not without blame. Unless Associated is a teeny finance company I would also go so far as to say the dealer has contact numbers also.
Sounds to me like the bank needs a new bean counter!
Also sounds like you've been told you owe $1500. Have you seen where the amount comes from in print?
I would ask to see a complete account history, especially since you have made extra payments. Then maybe have a professional look at it.
You may want to check out the original loan agreement. Make sure the $1500 hasn't come about from early payoff charges or something like that. If that's the case, even though you're still legally bound, the bank may give you a break, since they have still made money on the loan.
I once paid extra on a payment and wrote, "balance to principal" in the memo line of the check. The bank sent my next month's statement and deducted the extra principal payment from that month's amount with a note that read something like, "to make principal payments remit separate payment to: XXXXXXX. (lesson learned for me)
Not all loans are the same.
More than likely, the bank has it right this time, but, you never know, their track record now shows that they can make mistakes --maybe twice?
If their numbers shake out right, you owe. Take the 0% for as long a term as they'll give you. That way it wont hit your pocket book as hard.
Chuck, Heidi, Jessica, Nicholas & Tan Puppy
2008 3/4-ton Yukon XL, Flagstaff 831BHSS
Equalizer Hitch and Prodigy
Mommalu wrote: We always pay extra each month, Feb. we threw an extra $1000 towards it. I haven't seen a statement from Associated in years, I have yet to have success in establishing on line access to our loan. As for calling, it's usually a 15 to 60 minute wait.
Last I knew, we owed $5000, that was a year ago, if that info was correct. So the $3500 we were verbally told should have been in the ball park.
Trust me its not the money its the fear that with any purchase this could happen. Two weeks after the paperwork is done is not when things like this should surface. It's unnerving that if this could happen with a camper why not a house and why not $15,000? Same institution could be involved.
When is information factual and when is it fictional? Should it take 3 weeks for a financial institution to determine your correct balance on their loan? and is it truly the correct balance? If they can't decide what our balance is, is there any hope we can be absolutely certain of it? especially when the bank has the final say.
Lesson learned, if you haven't a statement on bank stationary dated and delivered to you, it is not necessarily accurate, and weeks later a new balance can and in our case did surface.
Associated promised that this would have no impact on our credit rating, it is their mistake, we just feel the pain and bewilderment.
Your bank sucks; you should have sold the loan (refinanced) years ago with that kind of service and communication.
The dealer purchased and sold your old trailer on good faith that the title was free and clear.
The bank made the error and you owe the money even if it is 2 minutes, 2 hours or 2 weeks later.
You not knowing or paying more attention to the balance and payment schedule of your loan is your fault; your statement above clearly acknowledges your lack of due diligence. Save any more headache, pay the balance and go camping.
Offline
