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Question DetailsAsked on 10/27/2012

What should I do when I already was approve with a car loan and Medina auto broker and now they want it back?

When, I first call Medina auto broker and ask them what will be my Qualification for a vehicle? (medina auto broker) resp: bring the following most recent employer and current employer,light bill, i.d., and we will get you rolling in No Time they said.So, Monday October 22,2012 I went up there took all information that he told me to bring. remind you I told him that my current job was the stated not the past job i just resign.Rob who said okay that isn't no problem we will get you on the Road. So, Rob came back and said congrads you been approve on your car loan and told me everything went through accept of the insurance so, I got that and left.today, On oct. 27,2012 Todd call me talking about i need a co-signer or bring 7,800 back up there today because i'am tryna fraud them and the agree do the sign off..help me please.





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2 Answers

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Bottom Line! If any of the information you provided to them on your application or supporting documents is incorrect, you will have a hard time convincing a judge that you didn't do that on purpose. They can press civil (money) charges and Criminal charges. If, on the other hand, everything you gave them is correct and current as of the day you applied and signed the contract, there isn't much they can do until you miss a payment.

Answered 8 years ago by Vern

0
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This sounds like one of the classic bait and switch schemes - they tell you that you are approved, but do not give you the actual loan approval documents, saying the lender has to send them so they will mail them, or some such. In may cases, they did not even get a loan approval from the lender at all. Then they try to force or coerce you into signing new loan documents, for a much higher loan rate or perhaps even with "points" added on up front - and of course they add on an additional "loan processing fee" or somesuch name for themselves on top. In many cases they also get you a loan that was granted at say 6%, but they write it up for 8 or 9% - and they get a kickback (spelled commission) from the lender for this.

Assuming your application was honest, sounds like you need to talk to the state attorney general's auto fraud division about where to go from here - unfortunately your recourse is probably going to be limited to suing or returning the car to them, making SURE that the sale agreement is voided and that you sign nothing that would lead to further charges or liability to you. I is highly likely you are going to need an attorney for this in the long run, so the sooner you talk to one the better it is likely to go for you.

Answered 6 years ago by LCD




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