i put in $2,000 dollars down payment 2003 land rover?

Question

two weeks later dealers calls me &said no finance company will approve my loan unless i put in more money on my down payment ,so i did add $1.000 dollars more just to get approve on my car loan ,i needed a car for work so i agred for a total of $3,000 down. a month later they towed my car in my garage and told me over the phone that no finance company will approve my car loan ..PLEASE HELP ME ON WHAT SHOULD BE MY RIGHTS ON THIS SITUATION. PARDON MY ENGLISH.

Answer 1

You are entitled to your $3000 back... that's it.

All finance contracts are "SUBJECT TO LENDER APPROVAL"..... which means they can take the car back if they can't find a bank that will finance you.

Finance managers don't work for banks and do not have a say in whether you will be financed or not. Sure, they can look at your score and GUESS whether you're a good candidate or not but they don't have the final say. If he/she feels you have a good chance, they will allow you to drive off with the car. But sometimes some unscrupulous dealers will let someone with bad credit drive off so they can jack up the price later, after you and your family has fallen in love with the vehicle.

So go over and demand your money back. But I hope you got it in writing that you gave them $3000? If not, you're out of luck.

Answer 2

I would call up the dealership and ask them what the heck is going on. Although I know they do this all the time, dealerships should not let the they buyer take the car off the lot until their income and credit is really verified. It's really embarrassing when you're driving around in a car and later have to return it because you didn't really get approved for the loan in the first place.

If you still get the run around, try asking them which banks they're trying to run your loan through. Contact those banks and see if this is really the case. If you really don't qualify, just return the car and get your down payment back. See if you can get something cheaper.

If you really want to keep the car, then try contacting local banks in your area instead and see if they'll qualify you for a car loan. Most places will give you a quote on the spot, you just have to make the effort. The worst thing they can do is turn you down and say no. Hope this helps and good luck...

Answer 3

You should be able to get your money back, seriously though you don't have much money and you are out buying a gas hog like the Land Rover?

Answer 4

You do have rights, You are entitled to any monies they got from you as they gave you the car without any security.

Answer 5

sounds odd to me...they can check credit score in 5 minutes...hope you have saved all paperwork.....so tell them to give u your money back...