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

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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

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 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.


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