I returned a cart to a dealer with negative equity, the car was appraised by the dealer. An amount was set, and the remainder of the loan was paid off via debit card.Dealer calls 3 days later saying we owe an additional 3k(Florida)

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Location: Florida. In 2022 I made a huge mistake and I put a car in my name for ex-boyfriend with his brother as the cosigner. APR on the loan was 24%, which is extremely high(I think the dealer took advantage of two young kids as I was 21 and my cosigner was 19) anyway fast forward 1000 headaches later we finally agreed to go to the dealership and return the vehicle to the dealer that we originally bought the car from. when we got there, I got it appraised and the sales person came back and let us know it had to be re-appraised by a manager. He came back and let us know they’d give us 10,000. We agreed to pay the remaining balance on the loan-as it had negative equity. (12k) so we paid that balance to the dealer and went on our merry way fast-forward four days later the dealership is calling me saying they made a mistake and that we owe $3000 because the appraisal is incorrect. Are we obligated to pay that remaining balance?

Comments

  1. westcoastguy1948 Avatar

    If you already signed the paperwork with the dealer you should be in the clear. Dealer overestimated return value? That’s on them,