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sooners1 · Jul 12, 2013, 11:51 AM

WHAT THE!! Bought used car in dec.2012 had 89,799 miles on it drove it feb 2013 dealer called said I needed to do new contract I wasn't financed the first time so I did so did second contract was fine now I'm trading it in the new dealer couldn't understand why we were so upside down. Will the first dealer put the same miles on new contract in feb. it had more miles then that at time of new contract but they put 89,799 miles same as the first contract they lied to get the bank to pick it up because it had already depreciated. What are my options.help

Curlyben · Jul 12, 2013, 11:58 AM

What options are you looking for ?

odinn7 · Jul 12, 2013, 12:03 PM

So they let you drive the car over 2 months without being financed for it? Then you went and signed a new contract without looking it over? Seems like a mess but I doubt there is much you can do about it.

Either way though, you're trading it in now so where is the problem? The mileage on the odometer is not affected by what the contract says so I see no problem unless I'm overlooking something here. If it has 100k on it now for instance, what they wrote on the financing contract months ago isn't going to change the fact that it has 100k on it. The car is still worth the same based on age and mileage no matter what.

sooners1 · Jul 12, 2013, 12:22 PM

Originally Posted by Curlyben

What options are you looking for ?

OK car had 89k miles first contract they put the same miles on second contract knowing they were way off the car has depreciated at that time of second contract they showed the bank first miles not the real miles on second contract now trying to trade in I'm upside down because I couldn't make any payments for three paid more for the car on second contract they keeped all the same # from first contract didn't change miles though which would made it look better to get picked up by bank. Yes I now I'm _ucked its kind of roll backing odometer...

sooners1 · Jul 12, 2013, 12:26 PM

Originally Posted by odinn7

So they let you drive the car over 2 months without being financed for it? Then you went and signed a new contract without looking it over? Seems like a mess but I doubt there is much you can do about it.

Either way though, you're trading it in now so where is the problem? The mileage on the odometer is not affected by what the contract says so I see no problem unless I'm overlooking something here. If it has 100k on it now for instance, what they wrote on the financing contract months ago isn't going to change the fact that it has 100k on it. The car is still worth the same based on age and mileage no matter what.

OK car had 89k miles first contract they put the same miles on second contract knowing they were way off the car has depreciated at that time of second contract they showed the bank first miles not the real miles on second contract now trying to trade in I'm upside down because I couldn't make any payments for three paid more for the car on second contract they keeped all the same # from first contract didn't change miles though which would made it look better to get picked up by bank. Yes I now I'm _ucked its kind of roll backing odometer...

ScottGem · Jul 12, 2013, 12:29 PM

Something isn't right in your retelling. You paid x amount for this car. Did you make any payments from Dec to Feb? Was the amount financed the same as you originally agreed minus any payments you made?

The mileage DOES NOT MATTER. The only thing that matters is whether the loan was written for the correct amounts. And you should have check these amounts when you signed the paperwork.

odinn7 · Jul 12, 2013, 12:30 PM

So...

You signed the contract without reading it and checking the miles.

You didn't make payments on the car.

Who was paying for it between Dec 2012 and Feb 2013?

Edit- Also, unless you put some great mileage on it in 2 months, it wouldn't change the value by very much... maybe a few hundred dollars at most. So what I said earlier about mileage doesn't matter in that case, it still doesn't matter.

smearcase · Jul 12, 2013, 12:54 PM

What would make a difference in my limited knowledge in this area would be false mileage entered on a title.

odinn7 · Jul 12, 2013, 12:58 PM

Originally Posted by smearcase

What would make a difference in my limited knowledge in this area would be false mileage entered on a title.

Right. Falsifying mileage on a title is a problem as is rolling back an odometer such as the OP suggested this is similar to. It really isn't as this was done for a loan and the final mileage (or current miles on the car) is what really makes the difference.

But to be honest, unless we can get a clear and concise explanation of what happened, complete with the details that are obviously being left out, we will never really know what is going on.

ScottGem · Jul 12, 2013, 01:13 PM

What I'm figuring the problem here, is he is trading in the car and the dealer he's trading with is not giving him enough value to pay off the loan.

N0help4u · Jul 12, 2013, 01:19 PM

I don't see what past contract has to do with current value check Kellybluebook. Or Edmunds.

odinn7 · Jul 12, 2013, 01:22 PM

Originally Posted by ScottGem

What I'm figuring the problem here, is he is trading in the car and the dealer he's trading with is not giving him enough value to pay off the loan.

That's what I thought as well. This often does happen though if you get a loan with a high interest rate and you overpay on the car to begin with. You have to place the blame on the person that agreed to the terms and signed for it. Again, the final mileage is all that really makes a difference at this point... unless we're talking a huge difference between Dec and February.

odinn7 · Jul 12, 2013, 01:23 PM

Originally Posted by N0help4u

I don't see what past contract has to do with current value check Kellybluebook. Or Edmunds.

Many dealers use NADA or Black Book.