If u have ever bought a car, please read and HELP!!?

Question

Ok here's the scoop: On Sept 26, 2006, I was approved and drove off the lot in my new truck. I had my trade and $$$ down.
On Oct. 6,2006, I recieved a call from the dealership stating that I was turned down for the loan due to switching jobs. I signed all the paperwork; the title, the financing(payments and interest, ect...). So they said I would have to return my truck.
I told them ok, but I want my $$$ back and my trade. Oh wait, THEY SOLD IT! So now I am frazzled. I called the office manager, and he told me that this never happened. I will not bring the truck back till I get my trade back. I told them "then why was I approved, and I even drove off the lot". He told me that the truck is titled to me now, so that means they cannot repossess it, because that would be theft. I even paid 6 months insurance(in full, full coverage). They still want the truck back.
So, now I have no payment book. Did I get a free truck, or should I get a lawyer???

I called the finance company personally to request a payment book, and they said since I was not approved through them, they sent all my papers back to the dealership. So the dealership is sweating now, cause they won't offer the loan when they said that specific company would.

Answer 1

Most loan contracts do indicate that the financing can be assigned to the lender of the dealer's choice, which gives them the option to sell the loan any finance company or keep the loan themselves. If they are unable to assign the contract to a finance company, some dealers will keep the loan "in house" at the terms you have already signed. Others will have a disclaimer that the transaction is void if a lender cannot be assigned.

If the transaction is voided, they will need to return your money and trade to you because these items were given as consideration for your purchase. (This may be a ploy-by saying your trade was sold, they can try to put you in another vehicle and limit your shopping options.) However, they may be able to assess fees for miles driven and vehicle wear depending on the verbiage in the contract. I would suggest at least contacting a lawyer if it appears that the vehicle must be returned to ensure that you don't get hit with any unnecessary fees or expenses. Make no mistake--They rolled the dice by delivering this vehicle to you without final approval, and the error is theirs.

Answer 2

This happened to a friend of mine a few years ago. She was told the very same thing... after driving away with her new car, leaving her trade and down payment check with the dealership. anyways, look at the fine print of your "contract" where you will probably find that one of the conditions is that the contract between you and the auto dealership is not final until the finance company accepts (key word here) the finance contract and terms. My friends new car was repossessed. Only 2 weeks after she bought it. Because the financing was never finished. What she had, and she checked it with an attorney was a "promise" to purchase the vehicle IF AND WHEN the financing comes through. At the terms described in the contract she thought was legally valid. I know that this isn't what you want to hear... but look at it CLOSELY... this is a trick that car lots use to get people that can't otherwise get financing, and they call it "special financing" to pay huge interest fees.

Answer 3

Consult a lawyer to cover yourself.
However, having said that, the dealership screwed up big time. First by delivering the car without an actual approval, second by selling your trade so fast.
If the car is in fact titled (do you have the title?) in your name, it is yours. In some states the bank that finances the vehicle keeps the title, in other states the title includes a lien status on the title.
The dealership is probably trying to get you approved on another loan, if they do get you another loan, be sure that you are not paying more for the vehicle (the payment will most likely be higher due to a higher interest rate).
Since they screwed up any extra costs should be covered by them (if it comes to that).
Good luck!

Answer 4

Dealers flipping loans is an old trick. They call you and tell you loan A failed and you'll need to sign for a higher interest loan.

Dealers taking advantage of women is nothing new either. At the very least take a male friend with you and see the dealer in person. Strongly consider seeing a lawyer about your options (that can be expensive). You can consider calling your state Attorney General department for help also.

Also check with the Better Business Bureau to see if this dealer has a history of complaints.

If you lied on your loan application (not suggesting you did), this could get rough.

Answer 5

I have bought vehicles for more years than I care to remember and I have never heard of something like this. I hate dealing with lawyers but you may need to. You could let push become shove and let the dealer make all the moves. It sounds like the dealer made the mistake and you won't get your truck back but I think it should get a lot more valuable. hang tough they are in the wrong. good luck

Answer 6

you got a loan for the truck? If you didn't pass the credit check, the dealer owns the auto, your name isn't on the title, and the truck will be repossessed any time now.

Answer 7

sorry but you do not have a free truck, they'll send a repo men after it, since they are on the title as well, they are the line holders, but unless they never gave u a loan, then the dealer will have to reposses the truck as it is still theirs cuz contract was not legally validated by the 3 parties.

Answer 8

ya go get a lawer something is missing out of this story and do it fast go down there ( don't drivr the truck) and ask what the hell you as to do you still have the contract right ? keep it get hold of the finance co. ask them for a book and be sure to make the payments

Answer 9

I wouldnt have bought one anyway, There has been sombody's *** in that saddle 24/7 since it was rolled out of the factory door. Sorry, but I just think of things like that... I like my vehicles to have been a little less 'used'

Answer 10

Get a Lawyer, even if you did not get the loan you still owe money on the truck. I don't think they can reposses but you are going to have to pay something.