Nissan said I already signed papers from the dealer saying I would agree to any loan, but that is not the case. The contract I signed has been kicked back from the lender, and they are trying to get me to sign a new contract with a higher rate, saying I HAVE to. What are my options here?
2007-04-06 03:35:18 · 11 answers · asked by Brandy 1 in Cars & Transportation ➔ Buying & Selling
You DO NOT have 30 days to return the vehicle. On delivery, you probably signed something saying, based on credit approval at a certain rate, if you were unable to get that rate, you'll have to find another way to pay the car off, or return it to the dealer.
This is the only time when you can return to a dealer after delivery. They still own the car, they will not send the registration in until the contract has been paid. Go to your credit union and try to get a loan there.
2007-04-06 04:09:47 · answer #1 · answered by jay 7 · 0⤊ 0⤋
Jay's answer below is correct. You can return the car. The contract was never finalized and the dealership still owns the car.
I disagree with the answer below saying that they are not trying to rip you off. This is a common practice with lenders who deal with less than perfect credit. Dealerships not only sell cars, but they make money on financing. In this case, they got you "sold" on a car before you went through the steps to see about securing the funding. You don't have to accept the terms from their lender. You can get your own. Go to local banks or credit unions if you want the car. In the future though, don't leave the dealership with a car until you finalize financial relationships.
2007-04-06 06:39:38 · answer #2 · answered by Jay P 7 · 0⤊ 0⤋
Read the contract.... there should be a fine print that states "SUBJECT TO LENDER APPROVAL" which means that the contract is VOIDABLE if they can't find a lender that will approve your loan.
You can either: a) return the vehicle and get your downpayment back. b) sign a new contract with new terms. may have to put more down.
The dealer is NOT trying to rip you off, you're just a worse credit risk than they thought and lenders are not willing to finance at your current terms.
2007-04-06 04:44:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The broking acts as an 'agent' for the Lender If the lender does no longer approve the activity fee they'll tell the broking to have you ever re-sign on the activity fee which you qualify for. The settlement you signed isn't valid untill the Lender approves it. If that isn't agreeable to you ...you have concepts: you may ask the broking to keep different lenders for you you may get your person financing & pay the broking funds The Lender would comply with a decrease fee in case you alter parameters of the interior maximum loan....(ie, greater down fee, shorter term, co-shopper with greater effective credit than you &/or greater earnings) you may grant the automobile back & stroll away... you have no longer have been given a criminal settlement. once you signed the papers , you besides mght signed a paper declaring that the broking had ( X ) quantity of days to maintain a private loan on your behalf & in the event that they'd no longer that your settlement could be voided. call your person monetary business enterprise or credit union with the detailes & see in the event that they'd do greater effective than the sellers materials. do no longer waste a lawers time & yours (time & money) & communicate over with the Finance dept on the broking to work out in case you have the different concepts....they DO desire to sell you the automobile ....it is your credit that's the impediment.
2016-11-07 09:17:07 · answer #4 · answered by ? 4 · 0⤊ 0⤋
You have the option of returning the vehicle and going to another dealer, by law you have 30 days to change your mind after taking possession of a vehicle from a reputable dealer
2007-04-06 03:46:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes they can do it....but you should go to your bank,credit union or other loan place..you dont have to go through dealer....when u bought car loan was based on you getting loan..If rejected. they look to other higher intrest loans willing to take a chance on you..you must have a poor credit history...good luck [I live in VA]
2007-04-06 03:57:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Walk away from the deal. Tell them you are reporting them to the Better Business Bureau.
2007-04-06 03:39:05 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Return the car.
2007-04-06 03:38:37 · answer #8 · answered by Pi 3 · 0⤊ 0⤋
Jay's answer is the most correct.
2007-04-06 04:31:18 · answer #9 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
I'd refuse, and talk to an attorney or your state's public advocate.
2007-04-06 03:38:11 · answer #10 · answered by JeffyB 7 · 0⤊ 1⤋