Buy Here Pay here dealers

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Latest post 02-07-2011 5:29 PM by LynnM. 15 replies.
  • 02-05-2011 3:13 PM

    • hlubtony
      Consumer
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    • Joined on 02-05-2011
    • CA
    • Posts 5

    Buy Here Pay here dealers

    I purchased a minivan from a "buy here pay here" dealer about 10 months ago. When I went to purchased the van, I told them that the reason I want to do business with them is because they have a buy here pay here program because if for any reason I cannot make my payments, they will not report to my credit . 10 months later they sold my account to a financial institution. The dealer made no attempt to call me to inform me that they are selling my account to a financial institutuion. I got three calls in the past 4 months wanting to purchase my account from the dealr. I told them I am happy with my "buy here pay here dealer" and that I do not wish to be transfered to their financial institution. The last financial institution took over my account over my objections.

    As a consumer, Can I sue the "Buy Here Pay Here" dealer for dishonest business practice?

  • 02-05-2011 5:15 PM In reply to

    Re: Buy Here Pay here dealers

    hlubtony:
    Can I sue the "Buy Here Pay Here" dealer for dishonest business practice?

    Sure, you can sue.

    But you'd lose.

    Read your loan contract.

    There is nothing in there that prevents the dealer from selling the loan.

    In fact, it's common practice. And nobody needs your permission.

    What you were "told" and what you "told" the dealer is irrelevant.

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
  • 02-05-2011 10:38 PM In reply to

    Re: Buy Here Pay here dealers

    Unless you signed something differently, I think loans are sold all the time.

    We could hardly finish signing our refinance loan and it was sold to someone.

    And they were calling us, begging us to refinance at the new lower rate.

    I have all kinds of services watching my credit rating.

    A certain large bank wanted us to refinance our loan at a better rate.

    They dragged their feet forever.  To the point of annoying!

    Finally, they figured it out.

    2 weeks later, I get an email, on my credit information, that they sold it to someone else.

    so far as I know, they can do that.

     

     

     

  • 02-06-2011 8:49 AM In reply to

    • hlubtony
      Consumer
    • Not Ranked
    • Joined on 02-05-2011
    • CA
    • Posts 5

    Re: Buy Here Pay here dealers

    So the "advertisment on their building with a big sign saying,  'Buy Here Pay Here' has no value? Isn't that a deceptive business practice to lure customers in? I understand what you both are saying under normal circumstances where you went to a dealer and the dealer finances you through a bank (financial institution). Then that institution sells your account to some one else.

     

    My point here is the "False Advertisement" the dealership used to get my business in the firt place. To me, it's just like robbing Peter to pay Paul and that's just wrong.

  • 02-06-2011 8:57 AM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on 03-30-2000
    • PA
    • Posts 48,269

    Re: Buy Here Pay here dealers

    Unless your loan has an actual written term that you pay at location XXX the lender is free to have you pay  YYY  



  • 02-06-2011 9:47 AM In reply to

    Re: Buy Here Pay here dealers

    I am not following you.

    You did buy there, and you did pay there.  Are you saying that somehow meant, they never sell your loan forever?

    That's not what they said in their sign right?

    That's not what you likely signed when you purchased, correct? What does it say on what you signed?  That's the most important part so far as I know.

     

     

  • 02-06-2011 9:58 AM In reply to

    • hlubtony
      Consumer
    • Not Ranked
    • Joined on 02-05-2011
    • CA
    • Posts 5

    Re: Buy Here Pay here dealers

    The loan contract is those generic auto sales contract that the state of california uses. But what I am saying is that The Used Car dealer is advertising their business as a Buy Here Pay Here used car dealer. see website here http://albertosautocenter.com

    All I'm saying  is that regardless of whether they sell my account to some one else is not the issue. The issue is their deceptive advertising they used to get custimers like me in to buy their cars. Can I sue and will I win for deceptive advertising? And yes I did bought it there and have been making payments there (not to a bank) for 10 months now.

  • 02-06-2011 10:02 AM In reply to

    Re: Buy Here Pay here dealers

    Sure, you can sue them.

    But I just don't think you would win. 

    And let's assume you won, what are your damages?

    Did you lose money?

    Was your credit damaged?

     

     

     

  • 02-06-2011 10:11 AM In reply to

    • hlubtony
      Consumer
    • Not Ranked
    • Joined on 02-05-2011
    • CA
    • Posts 5

    Re: Buy Here Pay here dealers

    I haven't lost anything yet. But I still have 2 more years to make my payments. If when I can no longer make my payments, my credit will be damaged.

  • 02-06-2011 10:17 AM In reply to

    Re: Buy Here Pay here dealers

    I got news for you even if the BHPH lot wasn't reporting the payments to the credit bureaus actively each month if you defaulted on the loan they most certainly would report a repossession.  Regardless of whether it is a BHPH or an actual financial institution your best option is not to default on the loan.

    You cannot sue for what "might happen" only for what did.  If they reported a default and your loan contract specifically prohibited it's disclsoure to credit agencies you might have a case.  Until that happens you don't have a case for anything.

    "That's just my opinion, then again I might be wrong."  Dennis Miller

     

  • 02-06-2011 10:18 AM In reply to

    Re: Buy Here Pay here dealers

    You want to sue the company right now,  for the possibility in the future, you won't be able to pay your payments,  and your credit will be damaged?

    Are you serious?

     

  • 02-06-2011 10:32 AM In reply to

    • hlubtony
      Consumer
    • Not Ranked
    • Joined on 02-05-2011
    • CA
    • Posts 5

    Re: Buy Here Pay here dealers

    No not til I can no longer make my payments. (ie loses job). That was the reason why I went to a buy here pay here dealer. and I believe that was the reason why they have buy here pay here so they don't report to cedit agencies.

  • 02-06-2011 12:18 PM In reply to

    Re: Buy Here Pay here dealers

    As recently stated, if you can't make the payments the car will be repo'd and the repo will go on your credit report anyway.

    Buy here, pay here doesn't prevent the bad entries on your credit report, it only eliminates the good entries.

    Sorry, but you made an unwarranted assumption and nobody will owe you anything for the consequences of defaulting on the loan.

     

    • The right of the people 
    • to keep and bear arms,
    • shall not be infringed.
  • 02-07-2011 5:27 PM In reply to

    Re: Buy Here Pay here dealers

    "if for any reason I cannot make my payments, they will not report to my credit "

    That's a silly assumption. Of course they can report it. And unless you got something in writing that they would never sell your account, you have absolutely no cause of action. You made unwarranted assumptions. That is not their problem.

  • 02-07-2011 5:28 PM In reply to

    Re: Buy Here Pay here dealers

    Just because you paythere does not meanthey cannot report your failure to pay.

    And again, unless they promised IN WRITING never to sell your loan, you made an unwarranted assumption. That is not false advertising.

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