bought a car from a private dealership we did in house financing with 24%APR i am paying 18,000 for a 7,000 car i have only had for 0 months the transmission went out on me it has been giving me problems since i bought the car. i contacted the guy and told him i can not afford the car no more come pick it up....he said he was going to sell my loan and they would start garnishing my wages
i dont know what to do at this point i feel i have paid him more then enough money and i was lied to and scamed
i have paid all my payments on time never a day late ...this car is costing me more money then what it is worth. i cant afford to have my wages garnished what should i do??? and i havent even had it fr a year yet
i have paid 4,588.90
pay off is 8,500
2009 saturn aurahe also told me this would help build my credit....its not even being reported to the credit bureau i know this for a fact because i recently ran my credit
I am sorry that this has happened to you. This kind of situation has happened much to much in the past year. In the past several years, subprime car loans have replaced mortgages for the worst sector of the banking industry.
What can you do about it? First, I have recategorized your question under Lemon Law. Hopefully, someone better attuned to this issue will reach out to you there. Second, you might check the National Association for Consumer Advocates website. They have a directory of attorneys that practice in this particular area.
Your numbers do not add up well (18K at top and 13K at bottom) but I presume that is interest over time. Regardless, you've had it for how many months? Not ZERO, right? If the vehicle came with a warranty and they have breached that warranty, you have a claim v. them. If the vehicle was misrepresented to you, you may have a claim. It's best to have an experienced auto fraud attorney or lemon law attorney review all of your documents, so, you do know what claims you may have...
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