What are my rights if I have not received money that I was due from a refinance of my car?

UPDATED: May 3, 2011

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What are my rights if I have not received money that I was due from a refinance of my car?

I am a new customer (victim, I should say) of financial services company. I refinanced my car with them and was also to cash out of $4,900. Supposedly, they sent  that check to me over 2 weeks ago regular mail but I’ve yet to receive it. I’ve called several times over the last week and a half and I am constantly being told “accounting is working on it”. My first payment to them is due in 2 weeks and I don’t think it is fair that I have to make that payment. I feel they should adjust my due date accordingly since they haven’t held up to their end of the contract. Now I’m being told that it could take another 7 days to get this resolved and that they have to mail another check to me because that is “their policy.” I didn’t realize until after the fact that they are rated an “F” with the BBB. I wish I had known beforehand (shame on me for that). I am supposed to get caught up with student loans with this money and should have had it weeks ago. What can I do? I’ve already filed a complaint with BBB but as I said, the company has already been rated “F” so my complaint is just another complaint on the list. I am so enraged that I wish I could sue them for all the stress and the extra interest being incurred on my student loans.

Asked on May 3, 2011 under General Practice, Illinois


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

A refinancing agreement is a contract. That means that you have the traditional remedies for a breach of contract if the other side does not honor or fulfill its obligations: you could (1) sue for  reformation of the contract (changes to it that will bring it in line with what the parties' expected and what is fair); (2) attempt to rescind, or void, the contract; or (3) sue for monetary damages. In addition, if the other party committed fraud--e.g. knowingly lied to you about some critical facet of  the agreement--you may be able to seek additional damages and/or press charges. You therefore have rights and recourse, but they might be complicated to pursue; given how much is at stake, you should consult with an attorney. Note that while you can recover for monetary losses you've suffered if there's a breach or fraud, you almost certainly cannot recover for stress. Good luck.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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