Flynrider
Phoeix,#2Consumer Comment
Thu, November 26, 2009
"the vehicle was not checked by the bank just went on the dealers word "
Are you under the impression that the bank is responsible for making sure that you do not foolishly purchase a broken down vehicle? No bank is responsible for checking out a vehicle before loaning money on it. This may come as a surprise to you, but that is YOUR responsibility.
In the future, you should avoid buying any used car without first getting it checked out by a competent mechanic. That is the only way to avoid being caught in the predicament you're now in. Almost all cars are sold with a paper that claims the car is being sold "as is" with no implied warranties. That means once you sign the purchase contract, you are responsible for anything that goes wrong with the car. Not the dealer or the bank. If you don't protect yourself in the transaction, no one else will.
As for the bank, that's simple. If you get a car loan from any financial instituion and you don't pay according to the contract, they will do exactly what Crescent is doing. Everybody that can't make their payment has a good reason. If a lender were to "take that into consideration" for every loan that went unpaid, they'd be out of business pretty quickly.