Legal Question in Consumer Law in New Jersey

I bought a vehicle from a used car dealer, I put $2,000 dollars down and I was approved for a 3.,000 loan from his finance Company. He came back to me three days later and said I was not approved, but that I could pay him 75.00 a week. I decided to call the finance company myself and was told on two seperate occasions the I was approved,that it was not me, but it was the dealer, something to do with the title. I called the Motor Vehicle's and was told that my name was on the registation and this finance co of his. I asked him why the finance company was still on it and he said just leave it like that. I am thinking that he told Motor Vehicle that he sold the car to me for $2,000 not the $5,000 I bought it for. I think something is very wrong with this


Asked on 6/15/10, 8:31 am

1 Answer from Attorneys

Something stinks. If HE financed the vehicle, there has to be proper loan paperwork, with required disclosures, including telling you the final total cost, his rights if you miss payments, etc. I suspect he is making more money "financing" the deal himself. If you are paying more this way, or if he did not give you proper loan paperwork, go to an attorney, as under the Consumer Fraud Act, IF you get a judgment under the CFA, the dealer will have to pay all reasonable legal fees. It sounds like something is rotten. If he violated the rules (for proper paperwork and disclosures), you may not owe him any more money. Good luck.

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Answered on 6/15/10, 1:37 pm


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