Applied for re-finance on my new car with Eloan. I applied for a refinance stating the loan amount to be a bit over 17k owed on the vehicle. I gave eloan the make model and year of the vehicle. Eloan referred application to Roadloans for consideration. Receive email from Roadloans telling me I'm approved and that Rategenius will handle the paperwork. Speak to Terry at Rategenius, he explains the terms and says that they can approve it if I buy Gap Insurance on the vehicle. So I agree and he sends me the paperwork (vehicle transfer docs, new loan agreement..etc..etc). I sign and return all the paperwork as required within 48hrs. Meanwhile my car payment is due on the 19th.............
Terry calls me today and tells me that they cannot approve the loan because the loan to value ratio is out of whack and that if I want to proceed I need to come up with 2-3k more money. I wasn't at home and didn't get the message right away. Meanwhile the old finance company is calling looking for their payment. They knew I was refinancing with another lender.
So: Now I've got this approval for re-finance on my new car, but RateGenius comes back and says that I need more money to balance it out. This is AFTER I returned all the paperwork to them, after I signed the contract for the new loan, after I signed the title transfer, and after I signed rights to the new vehicle to them.
I believe I have them. The emails I received said I was approved and to provide Rategenius with the VIN, Insurance, and Options on the vehicle. Which I did. The guy on the phone said I was approved. He took a check for $295 for the Gap Insurance protection on the vehicle. Hasn't cashed it yet that I know of, but they will. Said they would be passing the paperwork off to the lender for processing and that my payment would be due may 15th.
Now, I'm late on my car payment because he told me that it was a done deal. I have a copy of the contract they sent to me. They contacted my insurance but I'm not sure they transferred the lien holder. I believe I have them on breach of contract. We had a agreement in writing that I would pay X for X months and that they would finance the vehicle. Now they are backing out of the deal. Do I have a case here? Anyone have any suggestions/comments/ideas on how to proceed? Should I send Roadloans a check for my first payment and see if they cash it? I'm going to pay my car payment (late), next week. Hopefully I can get it worked out.
I believe I have them on breach of contract. We had a agreement in writing that I would pay X for X months and that they would finance the vehicle. Now they are backing out of the deal. Do I have a case here?
Looking at the original copy of my copy of the "Negotiable Promissory Note and Security Agreement" as the document is titled, dated as of 4/15/2002:
It says: BORROWER(S) (which means everyone who signs and negotiates the above draft, jointly and servally), promises to pay LENDER, or its assignees, or order, the principal sum entered on the RoadLoansCheck, plus interest from the date of this Negotiable Promissory Note and Sercurity Agreement ("Note" on the unpaid principal balance in installments as show below until fully paid; provided the final payment shall include all unpaid principal, interest and any other fees and chages under this Note. The interest rate on this Note is the Annual Percentage Rate disclosed below. "You" and "Your" referes to BORROWER(S) while "we", "us" and "our" refer to LENDER, or its assignees. This note is governed and enforced by the internal laws of the state where the BORROWER resides at the time this Note is executed. This is scheduled to mature upon payment of amounts sheduled below any any fees or chages payable hereunder.
(Disclosures to the truth-in-lending act)
APR, Finance Charge, Amount Financed, Total Payments
Notice that I give them security in the vehicle...no prepayment fess...payment of lien filing fee notice...insurance notice... late charge notice... other terms talks about paying early and nonpayment...
ITEMIZATION OF AMOUNT FINANCED ($XXXXX)
Amount given to me directly $0
Amount paid to others on my behalf $XXXXX
Amount paid to old lien holder $XXXXXX
Amount paid to DW $XXX
Amount paid to Title/Filing Fee $XX
Prepaid charges $N/A
Security Agreement Notice - If I don't meet obligations, I may loose vehicle that I bought with loan proceeds. I grant security interest in said vehicle plus any accessories..etc..and proceeds of any insurance..
Notice what I can and can't use vehicle for (anything other than private use)
Notice that vehicle is subject to repo..if repo'd I'll still have to pay ...ETC..ETC..
BORROWER Signature (highlighted) and signed by me.
Co-borrower Signature (empty)
No where on the document does it have a place for anybody elses signature. It states at the top that my lender is: ROADLOANS and gives their address.
I think I have them here. Does anyone know for sure?
Yes roadloans is a part of Triad Financial. I plan on filing complaints with The California Department of Corporations. Rategenius acted as a broker in the transaction and in the promissory not it specifically states that I agree that no one was a broker and if so to notify them immediately.
Originally posted by darkdoj Yes roadloans is a part of Triad Financial. I plan on filing complaints with The California Department of Corporations. Rategenius acted as a broker in the transaction and in the promissory not it specifically states that I agree that no one was a broker and if so to notify them immediately.
Roadloans said RateGenius screwed up (which they did). They've removed the GAP Ins and told me to stop payment on the check. I talked with the Finance Manager at Roadloans who called me today (just a few min ago). Said not to pay my lender and that they are going to fund the loan today and my next payment would be due in 30 days.
I'm very happy with this arrangement now as long as all the people hold up their end of the deal as it was promised. Looks like they are going to though.