Bought a new car recently and my first payment is supposed to be due in 2 days. Strangely, I have not received anything from the dealership or the financing company. Contacted the financing company today and they don't have an account established for me yet. I contact the dealership and they say my financing hasn't been completed yet. It's been almost a month since I bought the car.
Anyone have any idea what is going on here? If I'm unable to pay my bill on the date stated on the contract due to them not having my financing set up, is that a breach of contract?
2007-07-28 10:54:32 · 4 answers · asked by thisguyisbored 1 in Cars & Transportation ➔ Buying & Selling
What that usually means is that they don't have the deal funded yet. That being the case, you don't have a payment due anywhere right now, because you don't yet have a car loan.
This happens all the time in the car business, and when you drove the car off the lot, they did what's called a spot delivery, which basically means they think they have a realistic chance of getting an approval from a lender.
On the flip side, I'd be careful, as if you call the dealership and make too much noise they might just take the car back. Let them keep working on the banks to get your loan approved. Remember that right now, there is no breach of contract whatsoever, and in reality, the bank they were originally going to finance you through has most likely turned the loan down.
2007-07-28 11:27:07 · answer #1 · answered by Anonymous · 1⤊ 0⤋
My dealer breached contract 4 months to the lender they were forced to buy the car back and tried to force me into another contract at a higher percentage then the first lender. I returned the car, they have the for sale on their lot higher than what purchased it for.. I did not receive my trade in, down payment or car payments i paid. They get away with this because they try to get another lender, I refused that contract so now I'm stuck loosing around 5k. I don't think it's fair but it beats paying 17,0000.00 for a car that lasted 2 days a 2015 hyundai sonato that is under a class action lawsuit for the engines. Dealerships or most are so shady, next time I will research the dealer and the car.
2016-11-03 11:04:27 · answer #2 · answered by ? 1 · 0⤊ 0⤋
Like others said, you don't owe anything because you haven't been approved.
A month is definately too long. They usually know within a week.
Are you receiving any rejection letters from different banks? That's a sure sign that the dealer is shopping around your contract and that your credit is not good enough to be financed.
Don't worry about the payment, if you can't get financed, you just return the car without any fees. So you basically got to drive a new car free for a month.
2007-07-28 13:58:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋
They are working on getting you financing. You will get a notice when they want you to pay. Just keep hounding them until they can give you an answer. good luck.
2007-07-28 10:59:02 · answer #4 · answered by Fordman 7 · 0⤊ 0⤋