GL Financial Scammed me for 2,000 plus reported to credit bureau an involuntary repo but i gave the car back WOODSTOCK Georgia
I purchased a car from Taylors Auto Sales. Had the car for a month before it started messing up bad. I called Taylors to let them know about the problem and to also make a car payment. They informed me they sold my account to GL financial. I called GL financial and told them I didnt know why they got my account and I had went to a buy here pay here for a reason. I told them the car wasnt even safely drivable and i had only had the car a month. They basically did nothing but ask me to take it to get repaired. I had no money. I just spent 1500 down and made a 350 car payment. I took the car back to Taylors Auto Sales and told them it was messing up very bad and i didnt like how they sold my account. Now GL financial is still trying to make me pay for a car that I gave back. I never signed any paperwork for GL fiananical nor were they mentioned anywhere on my paperwork. They reported to the credit bureau that it was an involuntary repo and I owe 11,000. I gave the car back to the car lot so its not involuntary. How can they do this legally? I signed no paperwork with them. Taylors sold my account behind my back now Im stuck with a debt for something I had a month. Unfair
3 Updates & Rebuttals
Robert
Irvine,California,
USA
Financing 101
#4Consumer Comment
Sat, October 01, 2016
Here we have another "Sub-Prime" borrower who doesn't have the faintest idea of how credit works.
First off, the dealer not only has the right to sell your loan to another lender, they have your permission to do so. When you signed the loan agreement there was a clause in there that gave them this right. This is standard, happens all of the time and there is not a single thing even close to illegal about it. And turning your car in for this reason is probably one of the dumbest reasons I think I have ever heard.
Unless you bought the car with a WRITTEN warranty, you are responsible for any and all repairs as soon as you signed on the dotted line...that is why it is called AS-IS. You are lucky it lasted a month...you have some dealers where people buy a car and it dies 1/2 mile down the road. A deller or finance company is under zero obligation to "help you out" in order to pay for the repairs.
Next, you say you went to a "Buy Here/Pay Here" place for a reason. Yes you did...the reason was that no regular lender would finance you. Because the only people who go to these dealers and willingly accept the less favorable terms are people who other creditors won't touch with a 10 foot pole. So if you come here and say you had "great" credit you are either lying or stupid.
As to your Reposession...a Repo is a Repo. It doesn't matter if they come and get it at 3AM in the morning, your tell them to come and pick it up, or you deliver it to them with a bow on top. It is a Reposession and as far as the Credit Reporting Agencies or any liability you have for the debt it doesn't matter how they got it back.
So yes, you are now legally responsible for the LOAN balance regardless of what the car is worth. If you fail to pay this they will continue to add Interest until they sue you. When you get sued you will lose and the best you can hope for is a judge who is willing to see if you can work out some payment plan with them.
FloridaNative
Palm Beach Gardens,Florida,
USA
Are you kidding?
#4Consumer Comment
Sat, October 01, 2016
I can't believe that you even believe what you wrote in your post. If you turn the car back to the dealership - it is a repossession. It doesn't matter if the repo is voluntary or involuntary from a credit reporting point of view. It also doesn't matter from a loan collection point of view.
Also, once you sign the loan paperwork with the dealership - you owe the money for the entire loan. Taking it back to the dealership that sold it to you does not get rid of the loan - you have to know that. If you don't, then do some research to learn the basics.
By the way, the lender that loaned you the funds to make that purchase is allowed to sell the loan. Check your paperwork. Loans are sold every day in the normal course of business. You do not have to sign any additional paperwork when your loan is sold because you give permission in the original document for the loan to be sold.The obligation the lender has is to inform you when the loan is sold and to tell you who owns your loan now and provide contact information. No one is going to swallow the story you posted that you thought you had to sign directly with the lender that purchased your loan. That is disingenuous on your part and we aren't falling for it.
You have the loan now. You don't have the vehicle but you still owe the money - but now the interest is at the default rate rather than the regular rate you signed for when you agreed to the loan. It is better for you to negotiate with the lender for a settlement rather than let it go to judgment. Judgments last a very long time - 10 years or 20 years depending upon your state's statutes. Take some time to research and learn before you get yourself into further trouble.
Jim
Florida,USA
The Facts In This Case
#4Consumer Comment
Sat, October 01, 2016
The loan was owned by the car dealer, not you. As such, they can do whatever they want with it. The selling of loans happens everyday in every city in every state. There's nothing illegal, improper or unethical about that. Secondly, it was YOU who deided to take the car back. This is a VOLUNTARY REPO and carries just as much weight as if they came in the middle of the night. This DOES NOT relieve you of the contracted amount. They will sue you, obtain judgement and if allowed in your state garnish wages. That also happens everyday. Nothing new here. Enjoy the bus rides!
NO RIPOFF HERE -- Complainer gave up the car as a voluntary repo and will be sued for the contracted amount which is standard procedure.