Auto loan dispute

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Cardii622
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Joined: Fri Sep 21, 2018 10:37 am

Auto loan dispute

Post by Cardii622 » Fri Sep 21, 2018 11:14 am

I had GM financial for a car loan. I had a total loss and they gave me a refund check of 1,300$. Months later their saying they made an error and that I have to pay them back. I don’t have that kind of money and I spent the check already. How can they do this to people?! Can I fight this?!

JoeNJ28
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Re: Auto loan dispute

Post by JoeNJ28 » Fri Sep 21, 2018 11:23 am

Did they tell you what the error was?

PVW
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Re: Auto loan dispute

Post by PVW » Fri Sep 21, 2018 11:26 am

Lacking details. In many cases, if someone accidentally gives you money that is not rightfully yours, you must give it back. "I already spent it" is not a valid defense.

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dm200
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Re: Auto loan dispute

Post by dm200 » Fri Sep 21, 2018 11:33 am

PVW wrote:
Fri Sep 21, 2018 11:26 am
Lacking details. In many cases, if someone accidentally gives you money that is not rightfully yours, you must give it back. "I already spent it" is not a valid defense.
Right - what is important are the details.

inbox788
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Re: Auto loan dispute

Post by inbox788 » Fri Sep 21, 2018 11:53 am

Start saving up while you fight it. What is your understanding of the situation? Was auto insurance involved? Maybe some deductibles? Was the other driver insurance also involved? Are there differences in valuation and claims? If one error of $1300 occurred, it should be simple enough to explain where it came from and who's liable. Also, even if you're required to pay it back, and since you don't have the money, what are they going to do? Come knocking on your door and repo your new ride? (well, if it's a GM, they might be able to move on that a little faster) Chances are you'll have some time to pay it back if it comes to that. They'll probably be happy with $100/month till it's payed off (interest free of course).

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dm200
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Re: Auto loan dispute

Post by dm200 » Fri Sep 21, 2018 12:09 pm

Unless you have (and pay for) GAP insurance, when you "total" a car where there is a loan outstanding - you would only receive "cash" (like this) if the "value" of the totaled car is more than the payoff balance (principal and accrued interest) of the loan. There could be an error in such calculations. In such a case as this, the OP should review all the original and "corrected" information for the details and then acct accordingly.

Cardii622
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Re: Auto loan dispute

Post by Cardii622 » Fri Sep 21, 2018 1:59 pm

It was paid off with my Geico insurance and GAP insurance. The letter states, “the following payments were returned unpaid because they were disputed NSF transactions : $1558.22” I am pretty sure this is how much the GAP insurance paid. I’m not sure what disputed NSF transactions mean.

inbox788
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Re: Auto loan dispute

Post by inbox788 » Fri Sep 21, 2018 3:03 pm

Cardii622 wrote:
Fri Sep 21, 2018 1:59 pm
It was paid off with my Geico insurance and GAP insurance. The letter states, “the following payments were returned unpaid because they were disputed NSF transactions : $1558.22” I am pretty sure this is how much the GAP insurance paid. I’m not sure what disputed NSF transactions mean.
And they're not coming for the full $1558.22? Or what about $1558.22 - $1300? Who (what company) provided the GAP insurance? Are they still in business? Who's got the $1558.22 from the check? That's who GM or you should be going after, no? Until all this is sorted out, you should save up, just in case you're liable for the $1300 or other amount, and if all is well after this, you'll have that much extra to put into your emergency fund. Do you have anything in your emergency fund? Do you have an emergency fund? Anyway, stay in good communications regarding this claim, and let them know you're disputing it and working on it and what you want them to do (ask them for this "disputed NSF transactions", who, what, where, etc. and follow up). Also, add up all the numbers yourself and see what you come up with. It should all add up and work out the same as the insurance company and lender.

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Lafder
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Re: Auto loan dispute

Post by Lafder » Sat Sep 22, 2018 9:22 am

NSF seems to mean "Non Sufficient Funds" or national sanitation foundation :)

Is this about some payments that were due on the loan but there were NSF to cover? Such as you made payments after the total loss so they refunded them, but you had not had the money in the account so they refunded you money that was not paid?

I may be way off..............just trying to make sense of the description.

I would not ignore their letter. I would send a letter back telling them you believe they are in error, asking for detailed explanation of them asking for $ and I would restate my impression of the situation such as " I had a total loss of my vehicle with gap coverage and deposited the $ sent that was the overage .............." or what you think the situation is. So you are documenting that you are disputing their statement that you owe them $$ and are asking for explanation.

lafder

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whodidntante
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Re: Auto loan dispute

Post by whodidntante » Sat Sep 22, 2018 9:26 am

I would take the request seriously, but I would not pay $1,300 unless I understood why I owe it. Ask for a detailed explanation in writing. If you don't pay, I doubt they would sue for the amount involved, but they might be able to report the unpaid debt to the credit bureaus.

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