[Crow]

Hey All,
Will be buying a new car and had the salesman arrange for a Trade in. The dealer came looked at my car and made an offer and i accepted.

The deal was he will take my car and carry on servicing the loan while looking for a buyer. Is this normal practice? We have signed a bill of sales and I have given him authorization to also get the loan details from my bank.

I am worried that the loan is under my name and what happens if he does not service the loan? Does the bill of sales have any legal standing? What happens if the car/doc is with them and i have nothing and forced by the bank to service the loan as well as the loan for my new car.

Can anyone provide any feedback on this matter. Please revert

Thanks

[vr2turbo]

Heard a lot of problems with other members too, because the bank loan was between you and the bank, so bank will come after you. For your bill of sales, probably you can sue the dealer......

[Crow]

Heard a lot of problems with other members too, because the bank loan was between you and the bank, so bank will come after you. For your bill of sales, probably you can sue the dealer......

That was what i was afraid off

[vr2turbo]

That was what i was afraid off

Best to settle the loan. If the used car dealer wants a loan he gets it himself......

[Crow]

Best to settle the loan. If the used car dealer wants a loan he gets it himself......

Thanks Bro - Will try and talk to them or maybe look for another dealer.

[vr2turbo]

Thanks Bro - Will try and talk to them or maybe look for another dealer.

I think most dealers will tell you the same thing as the first dealer, as this is the norm in their industry, but I will not do it.
Getting a letter from the bank is one thing, getting your name blacklisted is another......