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Home >> Lending >> Vehicle Loans
Can I Terminate a Loan?
I was wondering if I can terminate a loan. I am trying to buy a truck, and I went through the dealership, got all the paperwork, went to the bank and have the loan approved and the paperwork done. However, I have yet to get the truck due to the bank's incompetency in not allowing me to wire the money to the dealership, and two loan checks have been lost in the mail. Is there anyway I can just say "I am done with you guys. I want my one payment that I paid returned."?
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 State law on contracts will apply to a situation like this, and I'm unsure with whom it is that you want to cancel. If you mean the bank, you have a signed contract; if you mean the dealership, you probably still have a signed contract. The questions to ask are: will state law allow you to cancel for nonperformance, and will the other parties allow the cancellation, if the choice is up to them?
It seems hard to believe that the bank can't wire funds, that two checks were lost in the mail, and that the dealership can't draft on the bank. It raises suspicion that there may be other issues here and you should dig deeper. It may be that the dealership has a sale, the bank has a loan, and you have payments to make. You just don't have a truck.
Published on BankingQuestions.com 11/03/09
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