MovingForward
Palm Beach Gardens,#2Consumer Comment
Mon, February 06, 2012
You need an attorney right away. If the dealer is buying this car back, you need a contract stating that in writing and your loan paid off now.
So far the dealership has repo'ed your vehicle and somehow convinced you that they are "buying" the car back. EXCEPT, the loan is in you and your finance's name so the dealer has the collateral and you have the liability! This is a real problem for you and your credit. Get an attorney involved. If the dealer is buying the car back, then he needs to pay off the loan in your name now. Most dealerships of this caliber wouldn't think twice about selling that car again and never paying off your loan. Take care of this before you end up with a repo on your credit. This could haunt you for 7.5 years if you don't take care of it now. Don't let him mess with your credit.