My son-in-law bought a used truck he could not afford and payments are $700/mo. The dealer had him lie about my daughters emploment situation as she is not working and she signed the loan papers. The truck was over valued and the dealer has offered to buy it back for aprox. $20000 less than he paid for it it less than a year ago. The dealer was aware my daughter was unemployed.The loan is for 6 years.
How can they get out of this situation?
It’s a tough lesson to learn but just because someone will approve you for a loan doesn’t mean you can afford it. But once you sign the financing document you are generally on the hook for it.
If you have proof of bad acts by the dealer then least expensive way to try to get out from under this mess would be to hire a local attorney to represent you, pay the $2,000 and consider it a lesson learned, or file complaints with your local consumer protection agencies and hope something happens.
Please post your responses and follow-up messages to me on this in the comments section below.