After take possession of my new car on Friday May 25. A couple of days later, I get a call from the dealership

Question

After take possession of my new car on Friday May 25. A couple of days later, I get a call from the dealership that my financing didn’t go through, what should I do? I have a contract stating that I did get approved for the car loan, when my payment first payment is due, how many payments, and the name of the bank that financed me.

Answer 1

You're a victim of Spot Delivery. This practice is illegal in a number of states, though dealer in those states still try to do it.

If you have a signed finance contract, the dealer must honor it. Dealers usually sell their paper to various banks or finance companies once the deal is completed. On occasion they will "accept" an application from someone with marginal credit and hope to shop the loan the next business day. If they fail to do that or can only shop it at a much higher rate than they got from you they may try to get you to bring the vehicle back and unwind the deal.

With a signed contract in hand, the dealer will have to carry the paper himself if he can't shop the loan. Just tell the dealer that you have a binding agreement and you'll send the first payment to him when it's due, assuming that he properly notifies you of the mailing address for the payment.

This is the only situation that a case of "buyer's remorse" can work in your favor. If you decide that you don't want the car after all, tell the dealer that you'll be happy to drop it off in exchange for a check for all monies already paid by you AND the keys to your trade-in, if any. The dealer may demand money equal to the usual rental rate for that model. Tell him to eat rocks on that one. If he doesn't "make you whole" he'll have to "tote the note." (Use those terms exactly. He'll know that you're serious and have a clue as to what you're talking about.)

If the dealer still insists that you bring the car back, contact an attorney. Most attorneys will be willing to go to bat for you for a modest charge and love to get a dealer over a legal barrel.

Answer 2

i bet you signed a form that states if the bank does not approve the loan you will let the dealer obtain a new loan, bring the car back, or bring in the money to pay for the car. ask the dealer ti see all the forms you signed to see if you signed one of these. its not illegal in most states, its just not good business

Answer 3

Tell them you'll be contacting the states Atty general if for any reason they fail to carry out the agreed upon contract. Notify the BBB. Double check with the bank.