What are my rights regarding a car loan?

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What are my rights regarding a car loan?

I bought a car from a dealership and signed a contract stating that my personal bank was the lienholder. Then I received notification in the mail from a different bank that is the actual lien holder. This bank is not listed in any of my paperwork from the dealership and I never agreed to this bank being the lienholder. Do I have to notify the dealership of their mistake and do I have to sign a new contract with this bank listed as the lienholder? I just want to know what my options are since the dealership took it upon themselves to choose a different bank then what we discussed.

Asked on November 25, 2012 under General Practice, Florida

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

I suggets that you contact each bank that supposedly is the lien holder as to your vehicle that you are paying on time to ascertain who truly holds the lien and then make payments to that entity.

You need to carefully read your purchase contract with respect to the purchase of the vehicle to ascertain who the lender is as well as look at all of your loan documents. Upon reading such documents you will ascertain who actually loaned you the money to buy the car you are writing about.


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