i thought i recently purchased a car. however, i found out that after the dealership let me leave with the car and i've had it for almost a month now, that the finance company declined my loan. Does the dealership have the right repossess the car even though they let me have the car without fully securing the financing for it?
2007-02-26 10:50:12 · 7 answers · asked by stillarose79 1 in Cars & Transportation ➔ Buying & Selling
I bought the car on a weeknight and they've sent me all of the other normal things you would expect when purchasing a car, except for the payment book. i just got the letter today from the finance company saying i was declined and my first payment was scheduled for the first week in march.the dealership wrote up the contract like i had financing but told me they hadn't quite gotten a yes yet but not to worry about it because their finance mgr would take care of it. i even asked what would happen if they gave me the car and the financing didn't go through and they said not to worry about it that wouldn't happen. they gave me permanent tags and a registration card that night.i've even been back to the dealership to drop of the title for my trade and they haven't said anything to me about the financing. i don't want to "steal" the car i'm willing to pay for it but at the same time, i don't want to rock the boat if they're gonna let me get away with it for free!
2007-02-26 11:15:46 · update #1
Yes, but the laws are different by state. The contract itself is with a lender, not a dealer. If the lender doesn't approve the deal, then there is nothing you can do. But, you need to check your state laws.
2007-02-26 11:01:18 · answer #1 · answered by desotobrave 6 · 0⤊ 0⤋
This sounds fishy. I'm pretty sure a dealer can run your credit even on weekends, so they should have had a pretty good idea whether you would qualify. I think they got you into more car than you could afford to make payments on purposely, knowing you would bite the bullet and go for high rate financing after a month or so to avoid losing your initial down payment.
If it were me, I'd tell them come and get the car and bring a check also. Try playing hard ball with them.
2007-02-26 11:08:56 · answer #2 · answered by Trump 2020 7 · 0⤊ 0⤋
You probably purchased the car over a weekend.
The surprising thing HERE is that they waited a whole month to let you know you've been turned down for a loan! They usually let u know by the following Monday, in which case yes.. they would have the right to do so.. but a month?!
Interesting!
.
2007-02-26 10:55:12 · answer #3 · answered by rob1963man 5 · 0⤊ 0⤋
Yes, absolutely. they gave you the car contingent up on you getting financed. The best thing you can do is try to get financed some place else, but by know law will you be able to keep their car. So just take their car back on your terms because they will repo it.
2007-02-26 10:59:43 · answer #4 · answered by Toolegit 5 · 0⤊ 0⤋
Either return the vehicle or sign a new contract with higher terms. I'd just return it and be happy that you got to drive a new car for a month.
2007-02-26 10:57:22 · answer #5 · answered by Anonymous · 0⤊ 0⤋
what name is on the ownership ?
if the name on the ownership is in the finance company, then the car belongs to them and if they want it back then they can take it back. if its in your name then it might be hard for them to take it back but not sure
2007-02-26 11:00:49 · answer #6 · answered by grumpy0282 3 · 0⤊ 0⤋
its there car you havent paid for it
yes they should take it back and bill you for driving it
2007-02-26 10:58:30 · answer #7 · answered by gregs111 6 · 0⤊ 0⤋