David Wright, from South Carolina, bought a new 2024 Chevrolet Silverado from a Chevrolet dealer in June, trading in his 2017 Silverado. However, to his shock, his bank demanded $35,000 for the old truck, which the dealer was supposed to clear and pay off. The dealer, Winding Chevrolet GMC, claimed that their bank account had been hacked and told David that they would fix the issue and pay off the loan. But, despite making one payment, David continued to receive letters from the bank, threatening to repossess his new truck if he didn’t make payments. The bank eventually repossessed the new truck, and David was left with a damaged credit score. The dealer’s lot was later found to be empty, with all new cars and trucks moved. David eventually got his old truck back, but his credit score still needs to be fixed. The incident highlights the importance of verifying payments and getting a written promise from the dealer when trading in a vehicle.
I recently acquired a brand new Chevy Silverado, only to receive a shocking demand from my bank four months later for $35,000 owed on my now- obsolete GMC truck, which was never fully paid off by the dealership.
