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scammed on trading in my car..


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#1 tjones40

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Posted 12 December 2012 - 09:13 AM

I traded in my 2008 charger, was told they would give me 13,000 for my car, with what i still owed added in, which was $6000. the truck i bought was $14,750. i also added some insurance on to the loan of what was suppose to be $1 750. I went there to make a trade at 11am and didnt get outta there till after 6pm. i was tired and wanted to just get it done and outta there. somehow they scammed me into giving my car away for $7,000, its a $24,000 car and books at $16000. my loan ended up to be over $14000 for this truck. After signing loan papers, is there anything to be done about this now? They also forged my name on the title to be sent to the court house quicker...

#2 Guest_FindLaw_Amir_*

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Posted 12 December 2012 - 09:44 AM

What would you like done about this matter?

#3 pg1067

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Posted 12 December 2012 - 01:33 PM

I traded in my 2008 charger, was told they would give me 13,000 for my car, with what i still owed added in, which was $6000. . . . somehow they scammed me into giving my car away for $7,000


I don't see the problem or why you think you were "scammed." $13k minus $6k (the balance owed on your loan) = $7k. Your old loan got paid off, right? And you either received a check for the remaining $7k or had that amount used as a down payment on the new truck, right?


I went there to make a trade at 11am and didnt get outta there till after 6pm.


You were free to leave at any time, and I submit that most people would have done so after two or three hours and that no reasonable person would wait around for seven hours.


its a $24,000 car and books at $16000.


I don't know what "books at $16000" means. As for your car being a $24k car, I seriously doubt that. What sub-model did you have? Did it have any non-standard options? What was the mileage? Whereabouts do you live? Keep in mind, by the way, that trade-in value is going to be around 20% less than private party sale value.


my loan ended up to be over $14000 for this truck.


Well...let's do the math. You said it was a $14,750 truck. Since we don't know where you live, let's assume $750 in sales tax and another $500 for other miscellaneous fees, so your actual cost would be $16k. If the net $7k trade-in value was applied, that takes us down to $9k, and the additional $1,750 for insurance takes us back up to $10,750 (or, if you received your net trade-in value in cash, your loan would be for $17,750). So the numbers don't add up. Not surprisingly, it's tough to comment on this without reading the documents you signed.


After signing loan papers, is there anything to be done about this now?


Probably not. Your post doesn't mention anything that suggests a basis to rescind the deal. Of course, as mentioned, we'd need to review the sale and loan contract you signed. No law protects you against trading in your vehicle for much less than you think you could have received had you sold it privately. And, since you voluntarily chose to remain at the dealership for seven hours, you can't get rescission just because you were tired and (apparently) didn't carefully review the documents before signing them.


They also forged my name on the title to be sent to the court house quicker...


If you consented, it's not forgery. With every car I have ever purchased, I have signed a limited power-of-attorney that allows the dealer to sign DMV documents on my behalf so that I don't have to deal with the hassle. I'd be surprised if you didn't sign something like that.

#4 adjusterjack

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Posted 12 December 2012 - 04:53 PM

I traded in my 2008 charger, was told they would give me 13,000 for my car, with what i still owed added in, which was $6000. the truck i bought was $14,750. i also added some insurance on to the loan of what was suppose to be $1 750. I went there to make a trade at 11am and didnt get outta there till after 6pm. i was tired and wanted to just get it done and outta there. somehow they scammed me into giving my car away for $7,000, its a $24,000 car and books at $16000. my loan ended up to be over $14000 for this truck. After signing loan papers, is there anything to be done about this now? They also forged my name on the title to be sent to the court house quicker...


You mean it was a $24,000 car in 2008. If the current blue book value is $16,000 you should have gotten up and walked out the minute you were offered $13,000 if you could have sold it privately for $16,000. Nobody every makes out on a trade-in. The dealers have to get the car cheap enough so that they can sell it at market value and make a profit.

PG is right about the trade-in value of $13,000 less your loan balance of $6,000 leaving $7,000 to be applied to the cost of the truck. So nobody scammed you on anything there.

However, I think PC is a bit light on the tax, license and dealer fees. Plus, if you bought GAP insurance (hope so) and credit life and disability and maybe an extended warranty (we don't know what you did) you could have easily added many thousands to the amount of your new loan.

All those figures were laid out in front of you and needed to be read and understood before you put the pen to the signature spot.

Again, you could have walked out at any time without buying the truck. But you didn't. There isn't anything you can do about it now.

Warning: Legal issues are complicated. Explanations and comments here are simplified and might not fully explain the ramifications of your particular issue. I am not a lawyer. I do not give legal advice. I make comments based on my knowledge and experience. I guarantee nothing. If you act on my comments without the advice of an attorney, you do so at your own risk.


#5 storm4

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Posted 28 January 2013 - 10:06 PM

I traded in my 2008 charger, was told they would give me 13,000 for my car, with what i still owed added in, which was $6000. the truck i bought was $14,750. i also added some insurance on to the loan of what was suppose to be $1 750. I went there to make a trade at 11am and didnt get outta there till after 6pm. i was tired and wanted to just get it done and outta there. somehow they scammed me into giving my car away for $7,000, its a $24,000 car and books at $16000. my loan ended up to be over $14000 for this truck. After signing loan papers, is there anything to be done about this now? They also forged my name on the title to be sent to the court house quicker...

I traded in my 2008 charger, was told they would give me 13,000 for my car, with what i still owed added in, which was $6000. the truck i bought was $14,750. i also added some insurance on to the loan of what was suppose to be $1 750. I went there to make a trade at 11am and didnt get outta there till after 6pm. i was tired and wanted to just get it done and outta there. somehow they scammed me into giving my car away for $7,000, its a $24,000 car and books at $16000. my loan ended up to be over $14000 for this truck. After signing loan papers, is there anything to be done about this now? They also forged my name on the title to be sent to the court house quicker...

Take them to court

#6 disabled4life

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Posted 30 January 2013 - 11:55 PM

If they forged your name on the title transfer thats where I would start. Depending on how much effort you want to put into it, I'd consider filing immediately if they forged the title transfer, saying you never agreed to that amount. Forget the part about the long day and wanting to get out of there.. you need to figure out exactly what you signed and file something with the courts asap. Before you sue them your supposed to try to deal with.. You could send them a demand letter stating that they forged your signature or what not and that wasn't the deal that you agreed to and if they don't comply that you will be suing them for bad faith and punitive damages on top of what they owe you.




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