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Do I have to pay for Documentary Stamp Tax, Prepaid Finance Charge and 10 days of interest on an Bank Auto Loan I cancelled?

West Palm Beach, FL |

I was approved for a loan through a bank I have a checking/savings account with. picked a car and sent a buyer order to the bank. I signed e-documents for Disclosure and Security and Title. They sent the check to the dealer after explaining to me that I couldn't get the payment the same day as I e-signed the documents. Without that check I couldn't get the vehicle that day since the dealer had no relationship with my bank. I went to the dealer that night to pre-sign paperwork in anticipation of the check the next day and they offered to see if they could match my banks apr. They did and I chose to do the loan with them instead of waiting on the check. I got my banks check from the dealer the next day and called them to send it back. They want me to pay above stated charges.

Attorney Answers 2

  1. You need to read all the paperwork you signed. So you could not wait a single day for the check to arrive?
    Obviously you were qualified for the loan but you chose at the last minute to cancel the loan with that bank and I would not be surprised that some language in there requires you to pay for costs as a transaction fee/cost/administrative etc...

    I would suspect the 10 day interest comes from the fact the money was released before the check was sent. The story is not very clear.

    Documentation fee ok. Documentary stamp on the car title? I do not see why since the car was not purchased with this loan. Something is not clear, but read the contract at first.

    This does not constitute legal advice and is purely informational and we do not have an attorney-client relationship until a fee agreement is signed. The details of your case can vary slightly and the legal analysis can be then totally different. Do not rely on legal aswers to address your particular situation but seek a direct contact wih an attorney.

  2. Re-read whatever you signed.

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