My income comes to 2500 a month with my 1099 form from my other job but they said if you have any deductions on my scedule c ,we cant give you the loan but I have been driving the car for a month have 1200 miles on the car ...But my income is 2500.00 a month I thought it was ok...Am I going to get my 2500.00 deposit back.Or are they going to charge me for driving the car.I still have the carMy friend said just give it back or hide it...
2006-12-29 08:24:24 · 5 answers · asked by DR.Frankie 2 in Cars & Transportation ➔ Buying & Selling
They been trying to get a loan for me since Dec 8th 2006...They dident ask for it back unless I find a co-siner.I do have deductions on my schedule c..
2006-12-29 08:51:09 · update #1
The deductions on my schedule c only come out to $250.00 And All the dealer asked was how much I made a month .
2006-12-29 10:08:59 · update #2
Call the dealer and let them know what time you will be returning the vehicle. Inform them that you will expect them to have your full refund ready. They can not charge you for mileage, the only thing they can charge you for would be body damage or broken glass. If they do not refund your money, file a complaint with the Dealer licensing office in your state, and file a small claims court case.
2006-12-31 03:33:03 · answer #1 · answered by fire4511 7 · 2⤊ 0⤋
So, did you have any deductions on your schedule C? If so, then they wouldn't have given you the car in the first place.
How long have they been trying to get the car back? Don't be surprised if they do deduct for the mileage you've put on the car...it's called depreciation! Keep listening to your friend and they might report the vehicle stolen...or at best you'll end up getting sued for the deprecated value of the car, an administrative expense charge, legal fees, and a lot of other stuff.
It sounds like you were trying to buy more car than you can really afford.
And Jay, just to let you both know, it's not a deposit...it's a downpayment! And the dealer can be entitled to keep a part of it towards the unauthorized use put on the vehicle, if he has been trying to recover his vehicle and the cost of the recovery...this can even be repo charges as well.
2006-12-29 16:32:06 · answer #2 · answered by mottthedog 6 · 1⤊ 0⤋
O.K., here's the problem, without sugar coating it:
If they said you wouldn't be approved if you had schedule c deductions, and knowing you had those deductions you took the car anyway, thinking, as you said, "...but my income is 2500.00 a month I thought it was ok..." then you fraudently took the car, and you need to get the car back to them as soon as possible, be very humble, and hope they don't press charges. They took you at your word and did a "spot delivery" which happens thousands of times each day with honest buyers.
Sorry to sound rude, but the bottom line is it's not your car, it's the dealerships, and what you did is illegal, and although I'm just guessing at the price of the vehicle, I'd bet that it's value is high enough to push it to a felony charge if you really screw this up. Play stupid, apologize, take the car back and run with whatever cash you get back.
And next time, don't lie about your financials to a bank or lending representative. It's not o.k., and you can get in a lot of trouble, with both your creditors and the local authorities.
2006-12-29 17:28:09 · answer #3 · answered by Anonymous · 0⤊ 2⤋
I agree with jay, if they agreed to give you a loan, but now find out that they can't get you qualified for anything.
If they sold you the car, but now can't get you approved, you should get ALL your deposit back, if you don't call a lawyer.
Get the car back to them or they can take other legal action, but if you return the car, they are required to return your deposit since it's their fault for selling you the car, but not being able to get you approved for a loan.
2006-12-29 16:34:13 · answer #4 · answered by hsueh010 7 · 0⤊ 0⤋
give it back and demand your refund. they do not have a legal right to keep you deposit.
2006-12-29 16:28:32 · answer #5 · answered by jay 7 · 0⤊ 2⤋