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Originally Posted by Barry-xlovecam
Even if you surrender the vehicle -- a voluntary repossession -- they could sue for a deficiency balance on the auto's (collateral's) resale price.
The dealer may be required to recourse the loan -- return the money the dealer got from the finance company.
I would contact the Nissan Motor Acceptance Corp and just say the car payments will not be made and see what they say. There are varying holder in due course laws in many states that may, or may not, affect a lender's legal rights where there is misdeed by the seller -- like a fraudulent loan application.
I do know this; Tell a lender he will not get his money back without a lot of hassle and court costs he will try to get the matter settled fast and his money back from the dealer/seller :2cents:
Nissan Motor Acceptance Corp may lean on the dealer ... Get a local lawyer to handle this. I don't know your local laws -- and don't put anything in writing or on Facebook -- delete that post immediately. Your father's down payment may be toast as liquidated damages in that contract.
We used to floor cars and finance some loans in LA years ago -- we had a CFL license (like household or beneficial finance does/did) ... been out of the business for years. The consumer protection laws are a lot more stringent maybe today, I really don't know.
I do know this; tell a lender that you will not pay and they will do what they can to get their money back from the dealer on a new loan.
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NMAC was quite concerned and took my report as well as faxed me the info showing me how they inflated the income. They however said the only way that they would unwind the deal was if Team Nissan told them to do so.
I confirmed with the lender how much my father actually makes and that there is no way he can afford this payment. They were very nice, but not nice enough to say, we'll go ahead and squash this for you.
Also they took my dad's trade in which only had 35k miles on it. They gave him 9500 for it which he owed 15.9k on it. The facebook thing is a private message between me and the sales guy since we're friends on facebook, not any public post. But he admitted right there that my dad kept telling him he only made 1400 a month.
Big ugly mess.
My dad is 70, but he's a very old 70. My mom is 69 and is NOTHING like my father.