Unethical Car Loan Concerns

Summary

If you believe you were misled into signing a car loan with a high interest rate and unfavorable terms, you may have a case for predatory lending. Review your contract for any discrepancies or misrepresentations, and contact the dealer to discuss your concerns. If unresolved, consider filing a complaint with the Ontario Motor Vehicle Industry Council (OMVIC). Consulting with a local attorney can provide personalized advice and help you explore your legal options.

Full Conversation

I feel i was misled in signing such an unethical car loan
Hey James! Sorry to hear about your situation. Could you provide more details about how you were misled? This will help in understanding your situation better.
I went through the contract after signing it and realized that being charged interest rate of *.*%. Having to pay $* bi weekly for 78 months which adds up to more than $50K. For * volkswagon golf that has 110K km and to top it off selling the car "as is" unfit to drive.
That sounds like a difficult situation, James. Here are some steps you can consider:
- Review the contract for any clauses about interest rates and vehicle condition.
- Check if there was any misrepresentation or omission of key facts.
- Contact the dealer to discuss your concerns and see if they offer any resolution.
- Consider filing a complaint with the Ontario Motor Vehicle Industry Council (OMVIC).
Would you like to be connected to local lawyers who can better assist you with your case?
yes
Case Rating: *
Would you like to be connected to local lawyers who can better assist you with your case?
Can you give me a bit more information about the issue?
unethical loan, predatory. I went through the contract after signing it and realized that being charged interest rate of *.*%. Having to pay $* bi weekly for 78 months which adds up to more than $50K. For * volkswagon golf that has 110K km and to top it off selling the car "as is" unfit to drive. I want out.
Case Rating: *
It looks like you have a potentially strong case due to predatory lending practices. Let's proceed with gathering the necessary information to connect you with local lawyers.
What is your phone number?
* is this a free lawyer?
Case Rating: *
Yes, the initial consultation with local lawyers is generally free. Let's proceed with gathering the necessary information to connect you with local lawyers who can better assist you with your case.
What is your zipcode?
L4C1E3
Case Rating: *
Great, let's continue with gathering the necessary information to connect you with local lawyers who can better assist you with your case.
What is your email address?
no thank you
Case Rating: *
It seems like you have been misled into a predatory car loan, which could be a strong case for legal action. I have noted your details, and a local lawyer will contact you soon to provide further assistance.
If you need any more information or have other questions, feel free to ask. Take care!
I called everyone that were supposed to help me like omvic but told me they couldn't do anything
Case Rating: *
It sounds like you've already made efforts to resolve this issue with OMVIC without success. Since you've already provided your contact details, a local lawyer should be reaching out to you soon to assist further with your case.
Would you like any additional information or guidance on other steps you might take in the meantime?
yes
Case Rating: *
Sure, James. While you wait for a lawyer to contact you, here are some additional steps you can take:
- Gather all documents related to the car loan and the purchase.
- Document any communication you've had with the dealer and OMVIC.
- Consider reaching out to the Financial Services Regulatory Authority of Ontario (FSRA) for additional guidance.
If you have any specific questions or need further assistance, feel free to ask!
what can I ask the fsra?
Case Rating: *
When reaching out to the Financial Services Regulatory Authority of Ontario (FSRA), you can ask the following questions:
- Are there any regulations or laws that protect consumers from predatory car loans?
- Can FSRA provide guidance on how to dispute an unfair car loan contract?
- What steps can be taken if a car loan is deemed to be predatory or unethical?
- Are there any specific forms or documentation required to file a complaint with FSRA?
Do you need help with any other aspect of your situation?
fsra couldn't help but they told me to talk to consumer protection ontario
Case Rating: *
Hey James! Since FSRA couldn't help, you can contact Consumer Protection Ontario. Here's what you can ask them:
- What are my rights regarding unfair or predatory car loans?
- How can I file a complaint about the misleading car loan contract?
- Are there any specific forms or documentation required for my case?
Would you like more information on the process of contacting Consumer Protection Ontario?
they told to contact omvic
Case Rating: *
It sounds like you've been going through various channels to resolve this issue. Here are further steps you can consider:
- Contact the Ontario Ministry of Government and Consumer Services: They oversee consumer protection laws and may provide additional support.
- File a complaint with the Financial Consumer Agency of Canada (FCAC): They handle complaints related to financial products and services.
Would you like more detailed information on how to contact these agencies?