At the end of March, my wife and I decided to move away from leasing vehicles and instead purchase. Her vehicle purchase went off without any issues whatsoever. Mine on the other hand has been a complete nightmare that has gotten to the point of drastically impacting my credit. I'm hoping the community may have some solid advice on how to proceed.
I traded in my lease on a CPO at the end of March. I received a payoff quote from the lessor and provided said quote to the dealer. It was after hours and the dealership told me the payoff wasn't able to be verified. So, we went with my number and finished the deal under the agreement that if the payoff was less they would cut me a check and vice versa. One of my intentions was to refinance the vehicle with my local CU due to the refinanced rate being lower than normal used car rate they were offering.
Fast forward a week or so and I'm well into the process of the refinance. Everything is on hold however because of some snafu with the new car. It wasn't really a big deal to me at the time, but looking back I should have kept on things. A few days later I call the dealership to see if they can expedite the processing of the vehicle so I can get it refinanced. This is when the used car manager tells me the payoff was higher than anticipated, but they have done right by me and paid the vehicle off. I asked if it was possible to roll the balance into my refinance which they indicated was fine.
Another week or two goes by, the financing finally wraps up but the CU is not able to include the payoff discrepancy in the loan. I immediately call the dealership to let them know and ask if I can pay the balance when I pick up my registration. The dealership is a solid 45 minutes away so I'd rather just make one trip. Again they assured me it was fine.
A week before my paper tags expire, I start to get a little nervous. I again call the dealership and ask what the status is and they now inform me they never submitted the deal because of the payoff discrepancy. I'm obviously furious and now have to take time off work to drive to the dealership and settle the balance. While I'm there I ask about the short period of time until my tags expire and they indicated they would expedite the registration.
2 days after my tags expire, my wife gets pulled over in my vehicle but is let off with a warning after explaining this fiasco to the police. I immediately call the dealership again where they inform me they STILL haven't submitted the registration because of a missing signature on the title. Yet more time off work to drive up there and sign this damn piece of paper.
Fast forward to today and I get a lovely alert indicating our credit scores have plummeted by 100 points! I log in to check what's going on and sure enough, there's the vehicle I traded in months ago now listed as delinquent and repossessed; redeemed. A bit of a shock considering I had zero late payments. I call the original creditor who told me what I already knew. The dealership who took my trade waited two months to pay it off.
Besides the general manager offering me some BS free oil change, what recourse do I have? Next steps I should take? Thanks in advance.
TL;DR: Nightmare car purchase. Dealership I traded my vehicle in to didn't pay it off for two months and it's not listed as repossessed: redeemed on my credit report which dropped my score 100 points.
Submitted June 08, 2018 at 12:44AM by nuke_twidget https://ift.tt/2Ma9rdl
