Question: How can I get my car loan company to address concerns I have about the amount I owe and how to refinance at a lower rate?
November 27, 2005
Dear Tony
I have a very confusing situation. I bought a 04' Nissan Maxima used. I ordered some additional items and a warranty for the car.
It had taken over sixty days to get items addressed and I decided not to get them and they deducted the price from my car loan (like a payment). I thought they would have to re-write the loan or change it because the amount borrowed would have changed because I didn't take delivery of the items the car was sold with.
Also that since I went with NMAC and wanted to refinance the car at a lower rate they told me they don't do that since they aren't a finance company. Because they will not change the car loan I cannot get it refinanced, because I am upside down on it. I also wonder why I still am paying the full price of the loan with interest even though the car did not receive the items it was contractually written for?
I have written several times, and called different people there and they do not even respond to my questions, neither does the car dealership. They are not "connected" and do not have to answer to one another.
How do I get them to explain this to me or do I even have a way of making them do it? (lawsuit for information etc.?) It gets worse but I will take it a step at a time. Thanks for anything you can suggest.
Ken
Answer:
Hi Ken,
When you cancel an auto warranty it's common practice for the refund to go to the lender who then takes it off the end of your car loan. Now, whoever you are making payments to should be able to provide you with written confirmation of this.
Also, you should be able to ask the lender to give you the amount due to pay off the loan. Once you have that figure you should be able to refinance somewhere else and they would then send the first lender the amount due.
If the lender won't cooperate with you tell them you are going to the Better Business Bureau and to your state's Attorney General's office. If you still can't get anywhere with them then do in fact contact the organizations listed above.
If these guys are acting as shady as you say then the Attorney General of your state may want to investigate them for fraud.
Good luck . . .
Tony Iorio
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