If Ipurchased a car with a high interest rate loan and was told that the lender was going to report to the credit agencies, if he hasn’twhat recourse doI have?

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If Ipurchased a car with a high interest rate loan and was told that the lender was going to report to the credit agencies, if he hasn’twhat recourse doI have?

I bought the car 10 months ago. I was going to get the car refinanced but no one will do it. I almost want to give the car back to him. That was the only reason I got the loan. What can I legally do? Is this covered in the truth in financing act?

Asked on January 5, 2012 under General Practice, Idaho

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you signed a purchase agreement for a vehicle as well as a loan agreement based upon prior oral representations by the dealership's representative that you would be able to get the vehicle refinanced later on, but are now unable to do so, unfortunately you have little legal recourse for your situation.

The rationale is that the statement by the employee of the dealership could be deemed "puffing" or an opinion as to a future event which is not actionable under the law. The truth in lending disclosure would be the written document you signed for the loan and the representations by the dealership's employee before the loan was signed would have no bearing on your situation.

I would try and get some private loan at a lower interest rate to try and pay off the vehicle sooner rather than later.


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