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Hi,

I hope someone might be able to help me with this question. The problem is not specific to a Soul, although I know there are smart and helpful people on these forums and maybe someone has some insight.

Around 3 months ago I bought my soul SX from a local delaership (love it). I traded in a 2006 F150, I had a substantial lein on the truck (sigh*). The deal I worked for the Kia was:

-$16,500 cash trade in allowance for the truck. (to come off the purchase price of my soul)

-$30,000 left on the truck loan. To be paid off by the kia dealership and the lien to be tied into the purchase price of the soul.

- 3 months later the bank is still taking payments from the F150 loan and have yet to start on the new Soul loan. (I put additional money down on the soul to get approved at a great rate and lower my monthly payments substantially, which I haven't been able to take advantage of yet)

After getting the runaround for far too long I have been told that the dealership is in receivership. They have a number of leins outstanding including mine, that they may or may not be able to make good on. (their exact words).

What does this mean for me? I'm still paying for the truck that I no longer own (they have sold it) I have over 10k km's on my soul already. Do I own the car? DO I still own the truck? worst case scenario am I stuck with the lein on top of the Car purchase agreement?

I'm sure it's obvious I am a little confused, finance is not one of my stronger skills. Is there legality laws or purchase protection in situations like this?

Any advice is greatly appreciated... The dealerships "hands are tied" and this point and they won't be able to know more for "3-5 weeks"

:confused::confused::confused::confused::confused::confused::confused:
 

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If they sold your truck, they needed the title to do it. In order to get the title, they had to pay off the truck loan. So either they did not sell the truck (legally) or you are still paying on the truck for no reason.

I would call both loan companies and see who is holding the titles to the Soul and Truck. Find out if there is a balance on either or both loans and then pay a visit to your lawyer.
 

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It all comes down to what is in writing - you have to have the agreement in simple terms on paper. That said you then have to take them to court or at minimum have a 300$ letter drafted and sent by a lawyer threatening Lawsuit.

A # of years ago I consolidated some loans - I walked/hand deliveried the bank cheques to the 2 other loans and got a receipt from both. Trust no one. Money has no feelings and people selling you something will say anything to get your business but until it is on paper you have no recourse.

Good luck - sounds like you may have a fight on your hands - sounds like you may also have to do the old fall back plan - stand out on the public road holding a sign.


This dealer is in receivership
 

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Find out who holds the titles on the vehicles. I am willing to bet you own NOTHING legally. Then stop paying for that which you do not own. The whole deal is shady. This: "I put additional money down on the soul to get approved at a great rate and lower my monthly payments substantially" is the biggest BS dealers have been pushing out to people for years. Yes it will help you get approved, it will do NOTHING for your rate. Worked at a dealership for years in NY. Unless the rules for financing are VERY, wait no, TOTALLY, different in BC nothing about that deal was very legit. Be ready to get a laywer and start keeping notes on when and with whom you have conversations on this mess. The more together you look the better off you will be if it ends up in court. You might end up way on top if you can catch the dealer with their draws down. It looks like you might.
 

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the only way you get a lower rate by a bigger down payment is if you buy a house and you pay points at closing lol

car loans don't operate like that. they just wanted a bigger down payment from you.
 
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