Vehicle Financing Dilemma Solutions
Summary
If you financed a new vehicle but were supposed to refinance your old one, review both finance agreements. Contact lenders to discuss your situation. In Georgia, the Fair Business Practices Act prohibits unfair practices in consumer transactions, offering potential relief if misled. Voluntary repossession affects credit scores and can lead to negative equity. Consider consulting an attorney specializing in consumer protection or auto finance for tailored advice.Full Conversation
I recently financed a vehicle but I was supposed to refinance my old car but the dealership told me to voluntarily repo and now I’m stuck with * cars and have to choose which one I will send back. I haven’t made a payment on the new vehicle just down payment and I’m in negative equity with the old vehicle. What do I do ?
Hi ****! That sounds like a tricky situation. Here are some general steps you could consider:
*. Review ****ontracts: ****heck the terms of both the new and old car finance agreements.
*. ****ontact Lender: Speak with the lender for each car about your situation.
*. Seek Legal Advice: ****onsult an attorney specializing in consumer protection or auto finance to explore your options.
Where are you located? This can help tailor the advice to your specific state laws.
Georgia, Griffin
Given your situation in Georgia, here are some specific points to consider:
- Georgia Lemon Law: Might not directly apply, but understanding your rights can help.
- Voluntary Repossession: Has credit implications. Understand the impact on your credit score.
- ****onsumer Protection Laws: Georgia has laws that protect consumers in finance agreements.
Would you like more detailed information on any of these points?
****onsumer protection
Key Points on ****onsumer Protection in Georgia:
*. Georgia Fair Business Practices Act:
- Prohibits unfair or deceptive practices in consumer transactions.
- Allows for consumer complaints and potential relief.
*. Auto Finance Agreements:
- Must clearly state terms and conditions.
- Protections if misled by the dealership.
*. Voluntary Repossession:
- Affects credit score.
- Missed payments can lead to negative equity consequences.
Would you like more detailed information on any of these specific laws or steps you can take next?
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