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I had purchased a 2013 Nissan Altima from a famous dealership in Dallas. This was back in June 10. During the purchase I had traded in my old BMW which had an outstanding balance of $1400. However, up to today July 3 the dealership has not payed that balance. All I've gotten from them is promises saying that they'll pay it soon and that their "system" is backed up. However as far as CapitalOne is concerned I still owe them $1400. Apparently the dealership has not even made a gesture to CapitalOne Auto saying that they now own the car and have taken over the loan.
I have complained to them several times that CapitalOne Auto balance is still outstanding but they kept saying it'll be paid, however now I have a severely past due payment with CapitalOne Auto over 15 days past due and now pushing the dreaded 30 days.
What the dealership kept saying was that even if my past due payment goes past 30 days and my credit is ruined they'll issue an "At Fault Letter" to the credit bureaus ( Equifax, Experian, TransUnion) saying it was them that were at fault and that will 100% restore my credit to its original status.
Question: All this sounds way too shady to me. Is there anything such as an "At Fault Letter" and is this even common practice by auto dealerships during the car sales process? What should I do? The only documentation I have is the contract stating that they included the $1400 buyout from my trade-in into the amount I owe. However I do not have any paperwork stating that they will issue a letter fixing my credit if it gets ruined.
Since CapitalOne is the lein holder, the car obviously hasn't been sold. The dealer still has the car. I'd get an attorney and repossess the car. Then sell it for the $1400.00. I'd also get the attorney involved with CapitolOne to protect your credit. But it sounds more like your "famous" car dealer is having a cash flow problem. You might want to get real active about this. Car sales are slowing and some are not going to survive this next slow down of business.
Have you sent a copy of your contract to the loan company? That's where I would start. Since you've rolled the upside down into the new loan you have 'paid' for it after all.
I had purchased a 2013 Nissan Altima from a famous dealership in Dallas. This was back in June 10. During the purchase I had traded in my old BMW which had an outstanding balance of $1400. However, up to today July 3 the dealership has not payed that balance..
You posted this on August 3, not July 3rd. Typo or are you confused about he dates? 3 weeks might not be a real problem. 8 weeks most certainly is.
Make the payments on the BMW. That will save your credit rating. The bank will refund any overage to you when the dealer finally follows the contract.
IMO, you should not try to deduct the BMW payments from the payments on your new vehicle. That will damage your credit rating, and not have any effect on the dealer.
Unless, of course, the dealer, not a bank or credit union, is financing your vehicle.
Has anybody heard of this "At Fault Letter" before?
It's the adult business version of Larry sending a note to Miss Landers that he put the frog in Violet's desk, not the Beaver.
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