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If you purchase a vehicle and arent finianced can you turn the vehicle back in?? I mean how long do you have?? say the income to debt ratio isnt what the fianiance companies want..

The dealership said the companies they work with wont finaince due to income to debt ratio, wanted to know if there was anymore income or worst senario a co-signer...I mean does it really take more then one day to finiance someone with excellent credit???

Say they cant get a company to finiance what then they just turn the vehicle in and walk away???

2007-03-28 15:20:14 · 3 answers · asked by Chunkerbutt 2 in Politics & Government Law & Ethics

okay let me just say this my credit score is excellent last time i checked 758 was in the excellent catagory.....

2007-03-28 15:31:41 · update #1

its not the credit score its the income thats the problem with the finiance companies... so basically if the 3 companies they work with cant do it then no deal??? and if they can get finiancing threw other companies but the payments go up then do they still have the option to say no still??????

2007-03-28 15:33:51 · update #2

HOW LONG DO THEY HAVE TO FIND A FINIANCE COMPANY???

2007-03-28 15:34:57 · update #3

3 answers

If they gave you the car without it being financed then all you have to do is return the veichle. (Normally there will be a provision in the sale contract/lesase contract saying if there will be a $$/per day charge if denied)

If there's nothing in the contract regarding a fee for returning the veichle then you'll owe nothing when you return it.

It's very unusal though for a company nowadays to allow you to drive off with out having the car financed.

Now you probably do have excellent credit, however a debt to income ratio really doesn't have an effect on if you can consider yourself to have excellent credit. For example you have excellent credit, but you have so much out in loans that 75% of your income goes to paying the credit, this is a bad debt to income ratio if you are asking for more credit. In this case only 25% of your income is left for daily expenses other then credit, ie rent (if in an apartment), groceries, gas, utilities, taxes, etc. Even though you pay all your bills on time no one is going to want to take the risk, because when it comes down to you eating or paying a bill they know your eating will win everytime.

Say they did approve the loan, then for example you could go from 75% to 90% debt to income, this would mean you barely would have any money left over for food, utilites, etc. Again they know who you will choose for getting the money.

2007-03-28 15:57:42 · answer #1 · answered by caffeyw 5 · 0 0

this happened to my son.
turn it in and walk away
you're lucky you didn't trade in something worth a lot
you got to drive it free for a day anyway.
your "credit" isn't excellent or you could get financing.
if you think you can go get a loan from your bank or
credit union. the dealership is not the only possible source for car-buying credit. my guess is the others won't finance you either. you probalby signed a bunch of paperwork agreeing to return the car if you were not approved.

2007-03-28 15:27:12 · answer #2 · answered by BonesofaTeacher 7 · 1 0

Yes, a guy who works for me did that. He had the car for four days when the dealer's finance man called and said nobody would touch the loan. He took it back and walked away.

2007-03-28 15:25:24 · answer #3 · answered by Yak Rider 7 · 0 0

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