Very good advice was told about this that’s why I always get pre approved by my bank before hand, finance got a little irritated when I told them and he kept saying our bank 🏦 has a better percentage rate and then said no , he actually looked irritated by what I said 😂
From the legal side you as the buyer are exempt from the loan of your trade in. The finance company has ZERO legal standing to go after you for a prior loan if the trade in paid off the loan. The financial obligation of your trade in balance is now on the dealership. Any lender who threatens legal action against you will be ruled against in the court of law as you have all proper documents of the transaction and proof the dealership made a legally binding agreement with you and your lender to pay off the balance of your trade in.
On paper it's correct, but the hit to the individuals who probably had not so good credit to begin with now face more bad credit marks on their reports, that doesn't clear until 7 years, unless the individual request the reporting to be corrected. Guessing this would be the case.
@@johnmarston2474 blaming the ppl instead of the system, is a huge flaw in ur judgement and reasoning. The average cost for a new car in America is 40k. u can buy a used old one...from some random lemon lot that will probably last 1-2 years. please get real w urself first, and then w the rest of us
@@Lenora-h2y It's not 'privilege', some of us spend differently than others. Some turn right around only to buy precooked crap at a fast food dive. Anything other than buying a dozen eggs and a pound of bacon and loaf of bread. I see cars lined up around those buildings early in the morning waiting to buy a sausage biscuit rather than cook or have a bowl of cereal or oatmeal. Then rather than making a salad for lunch buy more junk food and again at dinner. Gawd forbid I leave out the cups of coffee or gd latte, all of that on top of a car that you really can't afford. Add that crap up for 5 days then get back to me. You have more money than you realize which could have gone into savings for a damned used car. Personally, when I stopped working I traded BMW for a Fiat demo with 5500 miles on it and gave the dealership a check. When I drove off the lot I was smiling because the cost of gas just went down rather than paying for premium I buy cheapy gas, insurance dropped like a rock and maintenance dropped. It pays to live within your means.
Circumstances change. My wife was diagnosed with M.S. So her smaller car was painful for her to get in and out of. So she traded up to a larger vehicle which is much easier on her.
Overpriced vehicles will never sell like pre covid. People would buy them more, it’s like the geniuses at the top ( who had a convention to screw people never thought it could back fire) all the outrageous overpricing did only one thing, fast forward a collapse. It’s not just the dealers it’s the automotive repair shops that combined a total of outrageous expenses that nobody can keep up with. Get real or become a tumble weed lot?
I have the money ready to buy a new car or suv, but I have a 2005 Ford 150, an Equinox 2012 and a 2002 Suzuki Samurai Vitara. New Vehicles are just too expensive. I better save my money for the future.
Probably the sales slip on the new one might include the info, but most people don't actually look at contracts, etc. Plus, the money is probably long gone. Do you own financing on the car, you can probably go to the same bank you have, and do the paperwork and save the $ the dealership would get too. The dealership is SELLING you a loan! They might also point out any funny stuff in the sales agreement.
The lender does not care if you traded it in, they want their money. They should take the dealership to court to get their vehicle back, get an order of replevin (basically you break into the lot and buildings with police standing by to get your property)
@diapernh That’s not how it works at all, but thanks for playing. Once the dealership took the car as trade in, they took on the loan. Every court in the country will rule in favor of the customer. The lender needs to go after the dealership. This is VERY simple stuff. The lender doesn’t just get to go after anyone they want just because they want their money, they have to go after the party responsible. What happened here is the dealer agreed to take on the loan with the customer, but of course never submitted the paperwork to do so because they knew they were going to pull this scam. The customer simply needs to show their paperwork from the dealership to prove they traded it in and they will be off the hook.
Owner is laughing all the way to the bank, America is being prepared for this business model everywhere. Bet there is zero chance that they are held accountable.
If they have not paid the vehicle off, then tell the police you want your other car back. You are still liable for it and likely can be sued yourself for the balance. Get it back and find a reputable dealership to purchase it that will issue a cashiers check to the finance company or will wire them the money directly. If they don't, then keep the car and make the payments. Also, reach out to mitsubishi about what is going on. The dealership is just a consignment lot anyways, so maybe they can issue some kind of letter saying that the vehicle on the trade-in paperwork was supposed to have been paid by the dealership, and since it wasn't, the owner has every right to go get their car.
Listen All Dealerships Take Note here lol KARMA IS MF. Thats why i don't go to Dealerships for service or anything because they all not right just out for your money. I'll keep my Toyotas and get an honest Mechanic to keep my car going.
Wait, I thought if you trade a vehicle you owe on, that amount rolls over to the new loan. So you’re still paying for two vehicles essentially. It’s your responsibility not the dealership..unless of course this particular dealership said they’ll pay off your current loan and get you in a new vehicle.
I believe that only would be in negative equity situations. Where the amount you owe is worth more than the vehicle itself. But say the vehicle is worth more than whatever you owe. Then the dealership would pay off whatever you owe and apply the rest to your trade in. At least that's how I think it works, I've only had 1 vehicle that had a loan and decided to pay it off early cause loans suck and my next car i bought was cash.
@ Hmm I don’t think it matters if there’s negative equity or not. If you’re still paying on that car, that loan will likely get rolled over or paid if the dealership agrees to. I hope the car you bought with cash wasn’t a brand new car though
This would be funny with the repo man following you to try and repossess a vehicle that is not there. Just stop paying for the one that isn't there. Then have the bank go after the dealership.
Sounds good, but the bank do/will not go after the dealership they will come after you because “YOU” are responsible for the existing car loan. Like said in the video they traded in there car to the dealership, but when the stealership did not do what they were supposed to so the bank called them …
@harp_for_mayor the bank would definitely go after them, so what if they put insurance back on it and declare it stolen? That would at least get the police involved. Also, most banks would force you to have the vehicle insured while on the loan, and it does break the loan if the insurance is removed. I mean there are no clear cut ways to resolve this issue. They need to go after the owner as a group to cut down on costs.
What a mess-I can't imagine what these people must be feeling now that they have 2 car loans. Let that be a lesson-don't trade your car off for another unless its completely paid off. The loan company for the car you traded in and wasn't paid for is not going to care that you traded that car off and the Dealership didn't pay it off. The contract you signed was with them-they don't have a contract with your new car dealership. This now closed Dealership will be sued and by the time these people will see any money if ever will be years. You can bet this Dealership owes a bunch of money to its vendors and employees. These people's credit will all be ruined.
The single mom nonsense doesn't help with this story. If a woman fails her family, it isn't a surprise she has failures in other aspects of life. At the same time, Mitsubishi should be concerned problems like this will have a negative affect on their brand.
It’s not her fault crooked business owner greedy as hell stupid too. Their mind mentality is so miscued in their head. They come with their own reality as a stupid business owner. I literally just doesn’t care when you grab a camera guy. You know you have issues the business owner that did that. Greedy greedy, greedy throw the book at them.
I went toyota of los angeles in December of 2022 to trade in my truck for a smaller car but they documented different car then the one i got so 10 days later i was told by the bank to returned the car and get back my trade in but they never put it back on my loan, they pay off the car and took ownership of it and ended up without a car. I went back multiple times try to get another car from them at a discount since they need to pay what i already pay on my truck but they just told me to kick rocks
There should be a legal requirement to put funds in trust for payouts and such. You are stuck with billionaires running your country that will never do anything to protect you
Thats why not everyone should be a manger!!! Now adays everyone can be a manager nd theres no commitment!!! Same is happening in the apartments for rent industry, the manager are keeping the a money!!!!
Mitsubishi always have a history of bad vehicles they don’t sale in certain parts of the United States they break down and warranty work is had to find . Never buy one . the property tax payments are more then there worth . The had a little pickup and then built cars . The little pick up is great .
I remember few months back go to this Stealership to buy few expensive Mitsubishi transmission oil then nobody answer the phone on the parts, but the guy who host me to the enter first thing told me was : "do you interested to make a trade in for your truck". inside of my feeling like heeeeell nooooo thanks!. Actually they won't have the expensive oil then I went to Mitsubishi Katy never regret. Now make sense everything wow.
Gives a whole new meaning to Stealerships
"Stealership" i like that 😂😅
But if you miss any car payments they are quick to repo the car but when they don't pay all you get is a "well we just don't have money"
The bank that holds the loan and the dealership are two different entities. 😂
So they took the car and didn't pay.....Thats called stealing ....Aŕrest the bosses. ITS SIMPLE
I'd report it solen to the DMV, the police and whoever financed the vehicle.
A business failing and not paying bill is not stealing or illegal. Otherwise Trump would have been thrown in jail long ago.
@@aa777flyerEasy there Kamala…you lost & America won. Quit crying & move on with your simpleton life. Last ditch effort to knock president Trump!
@@aa777flyer The level of your ignorance is beyond astounding and mind boggling. The TDS is strong in your empty head.
@aa777flyer LOL!!! TDS and brain rot got you BAD 🤣🤣
The owners of the dealership have no problems sleeping at night. They have been doing this their whole life.
they don't call them stealerships for nothing.
I know from working at a st Louis dealership, always have your own financing set up, do NOT use dealership finance office!!!!!! Biggest crooks
Very good advice was told about this that’s why I always get pre approved by my bank before hand, finance got a little irritated when I told them and he kept saying our bank 🏦 has a better percentage rate and then said no , he actually looked irritated by what I said 😂
From the legal side you as the buyer are exempt from the loan of your trade in. The finance company has ZERO legal standing to go after you for a prior loan if the trade in paid off the loan. The financial obligation of your trade in balance is now on the dealership. Any lender who threatens legal action against you will be ruled against in the court of law as you have all proper documents of the transaction and proof the dealership made a legally binding agreement with you and your lender to pay off the balance of your trade in.
It sounds good, but what would a lawyer say?
@@user-ln7of9gs4s From the legal side
On paper it's correct, but the hit to the individuals who probably had not so good credit to begin with now face more bad credit marks on their reports, that doesn't clear until 7 years, unless the individual request the reporting to be corrected. Guessing this would be the case.
This is why I pay the full amount in cash or check. Never finance.
Wish I could. Job scams and theft from decades ago had me scrambling to take SSI at 62 to barely survive.
W the average American Only having approximately $200.00 in their checking account, thats not feasible for most. Thank God for ur privilege right⁉️
@@Lenora-h2y The average American buys a $30,000 car when you can get a much cheaper one.
@@johnmarston2474 blaming the ppl instead of the system, is a huge flaw in ur judgement and reasoning. The average cost for a new car in America is 40k. u can buy a used old one...from some random lemon lot that will probably last 1-2 years. please get real w urself first, and then w the rest of us
@@Lenora-h2y It's not 'privilege', some of us spend differently than others. Some turn right around only to buy precooked crap at a fast food dive. Anything other than buying a dozen eggs and a pound of bacon and loaf of bread. I see cars lined up around those buildings early in the morning waiting to buy a sausage biscuit rather than cook or have a bowl of cereal or oatmeal. Then rather than making a salad for lunch buy more junk food and again at dinner. Gawd forbid I leave out the cups of coffee or gd latte, all of that on top of a car that you really can't afford. Add that crap up for 5 days then get back to me. You have more money than you realize which could have gone into savings for a damned used car. Personally, when I stopped working I traded BMW for a Fiat demo with 5500 miles on it and gave the dealership a check. When I drove off the lot I was smiling because the cost of gas just went down rather than paying for premium I buy cheapy gas, insurance dropped like a rock and maintenance dropped. It pays to live within your means.
i know this is not the main objective but trading in a car with a loan on it is not smart.
People do it all of the time and I never understand why.
@@nicandrews1370 Financial Illiteracy is what it is
It is plenty smart if the trade in allowance is more than what the car is worth.
Circumstances change.
My wife was diagnosed with M.S. So her smaller car was painful for her to get in and out of. So she traded up to a larger vehicle which is much easier on her.
That dealership has always been scamming customers for years.
Overpriced vehicles will never sell like pre covid. People would buy them more, it’s like the geniuses at the top ( who had a convention to screw people never thought it could back fire) all the outrageous overpricing did only one thing, fast forward a collapse. It’s not just the dealers it’s the automotive repair shops that combined a total of outrageous expenses that nobody can keep up with. Get real or become a tumble weed lot?
You don’t understand the market at all
Wow...automotive scams are on the rise. This is the WORST.
I have the money ready to buy a new car or suv, but I have a 2005 Ford 150, an Equinox 2012 and a 2002 Suzuki Samurai Vitara. New Vehicles are just too expensive.
I better save my money for the future.
This first miatake was becoming a car salesman, the second mistake was buying a Mitsubishi..
The Finance Manager is responsible
Never buy a Mitsubishi
Buy a car pay it off.. quit trying to trade it in for another if you cant pay your loan
People do trade down or up because circumstances change, Mr Know It All.
Don’t keep that trash for 5-6 years ditch it as soon as possible!
@johncordova8304 🤣😂 Lol
Or just lease them
@@O1dmanwalker , unless you drive a lot of miles then a lease is a really bad option.
Wouldn't you have a bill of sale on the trade-in, stating that the dealership is now in possession of the vehicle?
Probably the sales slip on the new one might include the info, but most people don't actually look at contracts, etc. Plus, the money is probably long gone. Do you own financing on the car, you can probably go to the same bank you have, and do the paperwork and save the $ the dealership would get too. The dealership is SELLING you a loan! They might also point out any funny stuff in the sales agreement.
The lender does not care if you traded it in, they want their money. They should take the dealership to court to get their vehicle back, get an order of replevin (basically you break into the lot and buildings with police standing by to get your property)
@@diapernh Like the money, most of it long gone ... He probably owes some banks a good bit as well.
@diapernh That’s not how it works at all, but thanks for playing. Once the dealership took the car as trade in, they took on the loan. Every court in the country will rule in favor of the customer. The lender needs to go after the dealership. This is VERY simple stuff. The lender doesn’t just get to go after anyone they want just because they want their money, they have to go after the party responsible.
What happened here is the dealer agreed to take on the loan with the customer, but of course never submitted the paperwork to do so because they knew they were going to pull this scam. The customer simply needs to show their paperwork from the dealership to prove they traded it in and they will be off the hook.
@@Johnfisher12345 Thanks, but wanna bet if the bank hasn't gotten the paperwork or the money, they'll go after the person who had the loan?
Sounds like a lot of felony fraud was committed by the dealership, as they knew they were closing - any CRIMINAL consequences for this?
I didn't even know Mitsubishi was still making cars. That's how you know they were/are scamming.
Its not Mitsubishi fault. Its the independent dealer that could not balance their finance.
lol trading cars in without even being able to afford to pay the first one off. You can't afford either.
Look here. Another Know It All. 😂🤣😂
People trade up or down when circumstances change.
sue the owner, and just give people the cars and forgive the loans, bc they were done under criminal pretenses
All dealerships are in trouble now
What? No 🤣🤣
Finally
Nobody buying cars or trucks and SUV they tooo high
Owner is laughing all the way to the bank, America is being prepared for this business model everywhere. Bet there is zero chance that they are held accountable.
They probably closed their acct and cashed out lol
If they have not paid the vehicle off, then tell the police you want your other car back. You are still liable for it and likely can be sued yourself for the balance. Get it back and find a reputable dealership to purchase it that will issue a cashiers check to the finance company or will wire them the money directly. If they don't, then keep the car and make the payments.
Also, reach out to mitsubishi about what is going on. The dealership is just a consignment lot anyways, so maybe they can issue some kind of letter saying that the vehicle on the trade-in paperwork was supposed to have been paid by the dealership, and since it wasn't, the owner has every right to go get their car.
Wouldn’t the contract be null and void at this point? I mean they didn’t hold their end of the deal and pay off the old loan.
Probably, but you’ve already signed over the title, and don’t have the car you traded in. It’s a big mess and hassle for anyone involved
@ that’s true. Still a lose lose situation
This is insane
That’s your beautiful Capitalism! Greed ! Profit over people!
Now THAT is a powerfully dumb comment
I had that happen with a house refinance. They didn’t pay off my original note. What a mess - it did get fixed.
It's Mitsubishi..how many do you see on the road? I'm not surprised.
Listen All Dealerships Take Note here lol KARMA IS MF. Thats why i don't go to Dealerships for service or anything because they all not right just out for your money. I'll keep my Toyotas and get an honest Mechanic to keep my car going.
Wait, I thought if you trade a vehicle you owe on, that amount rolls over to the new loan. So you’re still paying for two vehicles essentially. It’s your responsibility not the dealership..unless of course this particular dealership said they’ll pay off your current loan and get you in a new vehicle.
I believe that only would be in negative equity situations. Where the amount you owe is worth more than the vehicle itself. But say the vehicle is worth more than whatever you owe. Then the dealership would pay off whatever you owe and apply the rest to your trade in. At least that's how I think it works, I've only had 1 vehicle that had a loan and decided to pay it off early cause loans suck and my next car i bought was cash.
@ Hmm I don’t think it matters if there’s negative equity or not. If you’re still paying on that car, that loan will likely get rolled over or paid if the dealership agrees to.
I hope the car you bought with cash wasn’t a brand new car though
Don’t worry, he will fix everything 😡
Same thing just happened at our local Nissan dealer in Mass. Today there's a new owner of the business, but I'm sure that doesn't help business.
Always and I mean go through your bank or credit union never the dealer ship
This would be funny with the repo man following you to try and repossess a vehicle that is not there. Just stop paying for the one that isn't there. Then have the bank go after the dealership.
Sounds good, but the bank do/will not go after the dealership they will come after you because “YOU” are responsible for the existing car loan. Like said in the video they traded in there car to the dealership, but when the stealership did not do what they were supposed to so the bank called them …
@harp_for_mayor the bank would definitely go after them, so what if they put insurance back on it and declare it stolen? That would at least get the police involved. Also, most banks would force you to have the vehicle insured while on the loan, and it does break the loan if the insurance is removed. I mean there are no clear cut ways to resolve this issue. They need to go after the owner as a group to cut down on costs.
What a mess-I can't imagine what these people must be feeling now that they have 2 car loans. Let that be a lesson-don't trade your car off for another unless its completely paid off. The loan company for the car you traded in and wasn't paid for is not going to care that you traded that car off and the Dealership didn't pay it off. The contract you signed was with them-they don't have a contract with your new car dealership. This now closed Dealership will be sued and by the time these people will see any money if ever will be years. You can bet this Dealership owes a bunch of money to its vendors and employees. These people's credit will all be ruined.
Who deals with Mitsubishi anyways? They must do alot of low credit score business/low info customers. Isnt that why Dodge us here?
Sickening people 😢
So where’s their trade? Take the car back and sell it. The dealer can’t do anything with a car that the bank has the title to
Thank the Democratic Party for the damage they did to the economy. It will take Trump 3 years to rescue America
The single mom nonsense doesn't help with this story. If a woman fails her family, it isn't a surprise she has failures in other aspects of life. At the same time, Mitsubishi should be concerned problems like this will have a negative affect on their brand.
they just do not care
More Houston BS
Jeep needs to close . Bye
Investigate...BIG STAR FORD...
TAKING THE MONEY AND RUN!
Joe will pardon the crooked dealer
States (typically red) with weak consumer laws will have habitual problems like this.
It’s not her fault crooked business owner greedy as hell stupid too. Their mind mentality is so miscued in their head. They come with their own reality as a stupid business owner. I literally just doesn’t care when you grab a camera guy. You know you have issues the business owner that did that. Greedy greedy, greedy throw the book at them.
I went toyota of los angeles in December of 2022 to trade in my truck for a smaller car but they documented different car then the one i got so 10 days later i was told by the bank to returned the car and get back my trade in but they never put it back on my loan, they pay off the car and took ownership of it and ended up without a car. I went back multiple times try to get another car from them at a discount since they need to pay what i already pay on my truck but they just told me to kick rocks
There should be a legal requirement to put funds in trust for payouts and such. You are stuck with billionaires running your country that will never do anything to protect you
Thats why not everyone should be a manger!!! Now adays everyone can be a manager nd theres no commitment!!!
Same is happening in the apartments for rent industry, the manager are keeping the a money!!!!
Scams and stunts
Normal.
Thanks Biden!❤❤
Mitsubishi always have a history of bad vehicles they don’t sale in certain parts of the United States they break down and warranty work is had to find . Never buy one . the property tax payments are more then there worth . The had a little pickup and then built cars . The little pick up is great .
Tom Naso did this at roswell mazda years ago. What a peice of chit he was and still is
I remember few months back go to this Stealership to buy few expensive Mitsubishi transmission oil then nobody answer the phone on the parts, but the guy who host me to the enter first thing told me was : "do you interested to make a trade in for your truck". inside of my feeling like heeeeell nooooo thanks!. Actually they won't have the expensive oil then I went to Mitsubishi Katy never regret. Now make sense everything wow.
The USA is steaming pile of
Chile y'all BEEN some crooks
wow
They can sleep at night because all dealerships have no heart soul and they have one of those mattresses where they can sleep all night long.