Overhaulin'

Car Loan Issue- Please help ?

I bought a new car by way of financing. While getting the loan, I had agreed to about 6000 dollars worth of extras ( Lojack and extended warranty ). The monthly payments were calculated based on that total figure. I realised three days later, I didnt need the extra stuff and asked them to rework the math. They said that the loan has already been taken, but since I havent allowed any of the extras to be installed in my car and I also cancelled the extended warranty, I will be fine once I finish paying off the amount which I owe them. Even though the loan amount remains the same. My concern is that, as of right now , I am paying interest for things I dont need, but thats allright, do you think they will make me pay for something on my loan for things I never purchased or had installed in my car. I have the paper stating that I have cancelled the extended warranty. Is this a normal error ? My loan is for 16,000 dollars , but effectively I only owe them 10,000. So once I am done paying off the 10K, they will allow me to have the title in my name, as per what the finance manager said.(inspite of me making payments on my 16,000 amount every month ).

Public Comments

1. eye is partially right. Once the contract has been bought by a bank, you cannot simply rewrite it. The only thing I would change about what EYE said is that they may not send the money to the bank. Depending on the state you live in, or dealership policy, they may send the money to YOU. If that is the case, you have to be sure to turn around and pay it on the loan. Don't succomb to the temptation to go buy a new flatscreen TV with it. And make sure you get something in writing from the dealer, no matter what. Get forms or something in writing saying that these items were cancelled and that you will be refunded, how, and when.