I gave them all the info and they said if I dont give them the new 1099 misc and next pay stub from my other job they will take the car I agreed to send them tommorow.But I never heard of this.If the papers are signed I had the car for 3 weeks and now the bank told them I need more info or I will loose the car.Couldent I fight this in court If I had to...
2006-12-28 08:16:36 · 15 answers · asked by DR.Frankie 2 in Cars & Transportation ➔ Insurance & Registration
What will happen to my 2500.00 deposit
2006-12-28 08:25:08 · update #1
What happened is you were "spot delivered" which means that the dealership did not have an approval for the finance contract, but expected to be able get your financing approved. Most likely you were turned down buy one or more finance sources, and not the dealership needs additional information to get your loan finalized.
Send the paperwork, and most likely your loan will be approved. If the dealer wants you to come in and sign a new contract, because they are using a different finance source, make sure that the rate and amounts are all the same. Do not allow them to increase your payments, or the interest rate.
If they can not get the financing approved, you will have to return the car, At that point, the dealer must refund your down payment and give you back your trade in, if any! You leave with what you started with and the dealer has the car back!.
2006-12-28 09:00:19 · answer #1 · answered by fire4511 7 · 3⤊ 0⤋
It happens all the time.
A dealership is a third party to the loan.
They don't make the rules, but they have to live by them.
If the bank or finance company wants proof of income or such, you must provide it or the loan will not be approved.
Unless you want to go to your own bank and get a loan to pay for the car, or return it, get the dealership the information Pronto.
I'm sure if you read the papers you signed, it says 'this transaction is subject to credit approval'.
2006-12-28 08:35:02 · answer #2 · answered by Anonymous · 0⤊ 0⤋
whilst it would not look ideal and this occasion probably basically occurs as quickly as each and every 3 years at any specific dealership, this would truthfully ensue!! it may take as much as 3 weeks for financing to bypass by watching the lender. even inspite of the shown fact that, the financing employer probably already approved the indoors maximum loan previous to transport of the motor vehicle, they'd have come for the time of a few information that made them replace their recommendations. I worked in a dealership for 5 years advertising vehicles and easily ever observed this occasion as quickly as. it is not a situation a broking ever needs to get into, they finally end up looking like the undesirable guy, the shopper is furious, and the finance employer has the two one in each and every of them via the balls. i would not desire this occasion on all and sundry. your acquaintances ultimate guess is to get an lawyer and take a check out to artwork something out with the dealership.
2016-10-19 02:35:26 · answer #3 · answered by binnu 4 · 0⤊ 0⤋
Obviously, you bought the car off of a lot. Proof of income is required to get the financing. You probably signed something saying how much you make, and that you would be able to prov this. The guy who sold you the car wanted to make a sale to make his money, and the people at the bank want to be sure that their investment in you is a safe one. I doubt a law suit would be fruitful. If you've got the papers they want, why not just send them in and be done with it.
2006-12-28 08:26:15 · answer #4 · answered by Anonymous · 2⤊ 0⤋
No you can't fight it... all the paperwork you signed probably said they can (at any time) check your financial records for proof of funds. By asking for pay stuff and 1099 they are verifying that information.
You can try to fight it, but they will just send a repo man out to get it before you have time to go to court.
2006-12-28 08:20:26 · answer #5 · answered by HOKIEMAN 2 · 2⤊ 0⤋
Read your paperwork. If you financed it, there is a clause in there that the car is yours, PROVIDING the financing goes through, and you agree to give them whatever they need to help you get that financing. Yes, they can take it back. Yes, it will be a repossession. Yes, it will negatively affect your credit if you do. No, you can't fight it in court, you agreed to it when you signed the papers.
One thing you can do if offer a bigger down payment which may make it easier to get the financing in place.
2006-12-28 08:25:00 · answer #6 · answered by oklatom 7 · 1⤊ 0⤋
Sounds to me like you're not dealing with a regular car dealership, and didn't get a car loan through the normal channels. I'd let them have that car back, and try to get any info you gave them back and hope that they don't have copies of it and try to use it!
You should be given your deposit back. It's much better to get your financing yourself through a bank or credit union before you sign on the dotted line. No suprises that way.
2006-12-28 08:20:31 · answer #7 · answered by UNI Panther 3 · 1⤊ 2⤋
The papers were signed with the obligation that you would return any required information afterwards. Since you neglected to return the information or read about it in detail with the contact - they can take it back.
2006-12-28 21:33:27 · answer #8 · answered by PeppermintandPopcorn 3 · 0⤊ 0⤋
hokieman is probably right, your paperwork (the very fine print ) probably says this sale is pending final approval of financing. If that is the case and most of the time it is, they can require additional paperwork and/or proof of financial responsibility from you. Until that the sale is not final and you do not own the car. They really should sell cars the way they sell houses, once you close the financing is in place and the house is yours, all done before you take possession.
2006-12-28 08:27:37 · answer #9 · answered by jbradc69 3 · 0⤊ 2⤋
Someone didnt do there job correctly. Since you have agreed to provide the information, let it go. No reason you cant express your displeasure in writing when you send in therequested documentation though. Tell them how unprofessional you think this is, and that you will rememberthis the next time you purchase a car.
2006-12-28 08:24:25 · answer #10 · answered by Anonymous · 0⤊ 2⤋