they are saying i have to bring the car back because i wasnt approved. can they do that?
2007-01-31 11:03:34 · 5 answers · asked by Breanne 2 in Cars & Transportation ➔ Buying & Selling
You were not approved for the loan. Take the car back. Get your trade in back and your down payment!!!
The dealer did what is known as a "spot delivery" where they gave you the vehicle, with the expectation that you would be approved! One of the papers you signed was what is know as a "MacArthur" form, which says that if the financing is not approved you will return the vehicle to the dealership!
Sorry
2007-01-31 11:41:11 · answer #1 · answered by fire4511 7 · 2⤊ 0⤋
Most car deals have that somewhere in the paperwork saying upon approval, or if financing is approved or something simular. And unfortunately they can. And even if they don't, they could find some "second chance" finance company that will finance you or you with a co-buyer...but chances are the interest rate will be a lot higher.
2007-01-31 19:42:47 · answer #2 · answered by just me 6 · 0⤊ 0⤋
Better check any papers you signed. If it says anything like "subject to approval", then they can.
2007-01-31 19:15:25 · answer #3 · answered by J T 6 · 3⤊ 0⤋
Yes. Its happening everywhere. Thats what happens when pro business folks run the country.
2007-01-31 19:14:05 · answer #4 · answered by Anonymous · 1⤊ 2⤋
If YOU have the title of the car then YOU have proof of ownership. Not them.
2007-01-31 19:12:06 · answer #5 · answered by sm177y 5 · 0⤊ 3⤋