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Complaint Details
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Initial Complaint
05/04/2023
- Complaint Type:
- Product Issues
- Status:
- Answered
The bank sold me a car and I been paying on it for almost year now the owner even sent them a copy of title so they should of not loaned on it it’s there fault I found out the car is a lemon buy back Which in there policy they don’t loan on lemon buy back cars so I want my money back I paid on it and the car loan paid off with good standing they need to take the car back and clear the loan and pay me what I paid them for the months they broke the policy and contract *** *** ********* **** * ****Business response
06/08/2023
Better Business Bureau
*** ******* ********* ***** ******* *** ****** ****** * ** ****
Re: *****, Megan complaint response
To Whom it may concern:
On November 5, 2021, CoreFirst Bank & Trust made Ms. ***** a loan to purchase a 2014 ********* ******. As part of the loan approval process, we identified ownership and lienholders by searching the ******** Vehicle Identification Number with the state of ****** Department of Transportation. That inquiry indicated that the vehicle was designated as “Lemon Buy-Back” by the **** DoT.
Ms. ***** has made 18 monthly payments on her loan. She is now demanding that we refund all those payments and also charge off the $********* principal balance remaining on the loan. For the reasons stated below, we decline to do so.
Ms. ***** states that it is CoreFirst’s policy not to make loans for the purchase of vehicles designated as Lemon Buy-Back. CoreFirst has no such policy. Indeed, we don’t encourage or discourage customers to pursue or avoid any type of vehicle. It is the customer’s decision as to the make, model, age, mileage, color, options, condition, designation, etc. that they want to purchase.
Ms. ***** chose to purchase an ****** designated as “Lemon Buy-Back” by the **** DoT. The vehicle’s title, which Ms. ***** signed, clearly states “Lemon Buy-Back”. If Ms. ***** did not want to purchase a vehicle with such a designation, it was her responsibility to review the information listed on the title as well as research the vehicle’s history before making the purchase. Contrary to Ms. ******* assertion, it is not CoreFirst’s (nor any lender’s) responsibility to research a vehicle’s history, advise the customer of its findings and counsel the customer on the advisability or inadvisability of consummating the purchase. That would be comparable to expecting CoreFirst to research the ******** maintenance and repair history and warn Ms. ***** of any abnormalities.
Ms. ***** and the vehicle’s seller negotiated an agreed upon price for the ******. CoreFirst was not involved in those negotiations. CoreFirst merely loaned Ms. ***** the funds to pay the purchase price to which she and the seller agreed. If Ms. ***** overpaid for the ******, that is regrettable. But it is not CoreFirst’s responsibility. Nor is it CoreFirst’s responsibility if the ****** is not now worth what Ms. ***** thinks it should be worth.
Please let me know if I can be of any further assistance. Thank you.
John ** *****
Executive Vice-President
CoreFirst Bank & TrustCustomer response
06/08/2023
I didn’t know it was a lemon buy back until I went to trade it in
I was never aware of the buyback title
the title was sent to the bank and I didn’t agree to nothing so the proof I agreed to the buy back
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Customer Complaints Summary
1 total complaints in the last 3 years.
0 complaints closed in the last 12 months.