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Has anyone who finaced a car had the dealership close? What do you do?

We got a car and now the phones are diconnected and i don't know where to begin, so we can make our payment.

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Asked by Anonymous at 11:44 AM on Dec. 12, 2008 in Politics & Current Events

Answers (7)
  • you financed through the dealership? In that case, you should have some corporate info on your purchase papers maybe? Other than that, I would think you make payments to whomever financed your vehicle (usually not the dealership itself but a bank or other lending institution),

    Answer by MammaMia72 at 11:59 AM on Dec. 12, 2008


    Answer by Anonymous at 12:13 PM on Dec. 12, 2008

  • Usually the dealership has financing through a bank, like Household bank, Citifinancial, etc. Have you not received a statement for it yet? All of the financing will probably be taken over and you will receive a statement soon.

    Answer by feesharose at 1:02 PM on Dec. 12, 2008

  • Usually it isn't the actual dealership that finances. For example if you bought it at your local chevy dealer, you may have financing thorugh GMAC, and they may could except payments locally. But usually you will get something from the finance company in the mail when your payment is due or late. That and dealerships work with lots of lenders including banks and credit unions. Who have you been making your checks payable too?
    Now this may not be the case if you bought it from an indvidual who owns there own used car lot. A lot of times they will do there own financeing. But it is usually on small amounts. Now if they closed, chances are that your loan will probably be sold or something. Bottom line is if you become late you should get something in the mail telling you where to make your payment. So you could just hold out. Its there fault for letting there business go belly up. Don't sweat it.

    Answer by Anonymous at 2:05 PM on Dec. 12, 2008

  • Was it a new auto dealership?
    Or was it one of those "buy here" Pay here" places?

    Answer by Anonymous at 2:08 PM on Dec. 12, 2008

  • You need to look at your paperwork and see what bank the dealership worked with. Dealerships do not make loans, banks do.

    Answer by Madge1428 at 4:33 PM on Dec. 12, 2008

  • What kind of dealership did you buy it from. Must not be a big name dealer because you don't pay those dealerships you pay the bank they get to finace you. Who do you pay? Didn't you get paperwork?

    Answer by itsmesteph11 at 5:04 PM on Dec. 12, 2008

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