Dealership switch Lien Holder without my consent?

[Anonymous]

Hello,

Thank you all in advance for your help. This forum has beena  tremendous help in my pursuit for a new vehicle. 

I few weeks back I bought a 14' Jeep. I went to the dealership with Cap1 financing. They were able to beat my APR (so they said) with Bank of America. Fast forward a few weeks and I received a letter in the mail from BOA stating my financial application was denied. I then get a check from the dealership in the mail for the taxes and licensing (negotiated) and in the letter they said the lien holder will be Wells Fargo?

I have my documents that I signed stating BOA as the lien holder and then I get notified that it's going to be Wells Fargo? I have reached out to the dealership with no response. I'm worried that the APR is going to be junk compared to what we original agreed upon and my initial pre-approval through Cap1.

Can they switch the financing on me without my consent? I'm not too sure what to do at the moment. 

Thank you for your help!

[pipeguy]

#1 read your documents and see if they have an escape clause that allows the dealer to change the APR and payment terms.

#2 it does not matter who the note holder is as long as the terms are the same meaning payments, interest rate and principle (and number of payments).

My concern is that they sent you back some of your up front money which would increase the amount financed - note taxes etc have to be paid to the state/government, it's not like they can say "oh never-mind we'll waive sales or licensing tax".

Again, while it makes no difference if BoA, WF or Cap-1 is the note holder, if the "terms" of the loan have changed you probaby have the option of returning the vehicle (no matter how many games the dealer is playing with financing, they don't don't want the car back), but in any case you can always refinance the car note through DCU or someone else in a month or year as an option. 

[Anonymous]

Thank you. The check they sent me is the taxes and licensing fees. This is because I bought the car in Oregon when I live in Washington. The check was made out to the DMV.

If the lien holder was changed, my concern would that the APR terms then changed. I'll look through the documents to see if there is a clause for the APR to change without my consent.

[Creditaddict]

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@Anonymous wrote:
Thank you. The check they sent me is the taxes and licensing fees. This is because I bought the car in Oregon when I live in Washington. The check was made out to the DMV.

If the lien holder was changed, my concern would that the APR terms then changed. I'll look through the documents to see if there is a clause for the APR to change without my consent.

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you would have to bring car back and sign new documents if the terms changed.

They can probably change the lein holder though without your consent... I would just reach out to wells fargo for your account information so you can log in and look at the terms yourself.

[6speed8]

Shady. A few years back, A few years back, a friend wanted an 04-06 GTO. Found one at a Ford dealer east of Dallas. I drove him out there, he put $1000 down, they financed him through Capital One and we drove out. Nearly a month goes by and he doesn't receive any loan papers or license plates. After some digging, he get's told Capital One doesn't finance cars with 70,000+ miles and if he wanted to keep it with Capital One, the terms would be rather than 4 years at $350, it would have to be 2 years at $680. We drove the car back and got his deposit back.