Can I return a car I just bought since the dealer is hasn't secured financing for me yet?

Question

I just traded in my leased car for a used car purchase. I live in Florida, and there is no cooling off period, however, the dealer is saying they are still working on the bank to get me approved. It has been three days (two of them were business days) and I they say they don't have financing for me yet. Because I am a server and my income is difficult to prove.
What can I do, I am over it and want my old car back. I am more angry that they don't even have a finance company for me yet and I couldn't get anyone to call me back until today. Can I demand my car back since there is no financing???

Thanks for the great answers! I got my car back, and couldn't be happier! I was hoping they would take that piece of junk back, and they did without a fight! The deal never got funded so nothing changed and everything is fine!

Answer 1

(comment on another answerabove) Actually what they did is completely legal. We (the dealership) have rate cards and can accurately guess the interest rate based on your credit and the bank. More than likely they have also marked up your rate (which is also legal) so if the bank approves the loan at a higher rate than on your contract they have room.

If the bank hasn't given a formal "approval" on credit then the terms of the contract are null and void until the bank accepts and approves the loan. You can actually return the car at anytime until the bank accepts your contract but you may not be able to get your old car back if they "grounded" the car, meaning if they told the leasing company you car has been returned and they removed the registration off the car. Basically they will put up a very biug fight, but until the contract is accepted and approved by the bank the contract can be voided.

Answer 2

Why did the dealer let you take the car if you havent gotten approved? In WA state the rule is that dealers are obligated to tell you three days after you tried to get financed whether you are apporved or not. You need to check the laws in Flordia tho. I think that you have every right to return the car.

Answer 3

unfortunately, you are at the mercy of the dealership until they want to rescind(cancel) the contract, but they only have ten days. if they do not notify you within ten days they must carry the financing in house(you pay the dealership every month). does the dealership know you're unhappy? if they do, they might be telling you they haven't financed you, even though they may have. that way you wouldn't find the number to the bank. if you tell the bank you don't want the car and you won't pay for it. they definitely will send the contract back to the dealer! good luck!!!!!!!!!!

Answer 4

the key word here is financing an how many days should it take, i can't tell , you but i can tell you if they can't get financing for you and they come and take your car you're out your down payment and the car, but if you take the auto back to the dealer before they come and get it, this only applies if the dealer can't obtain financing for you they must pay you back your down payment, as far as demanding your car back, if they still have it they are require to give it back, but most dealers wholesale or take it to dealers auctions and probably don't have it, so they must give you back the amount they allowed you for trade in minus amount owed

Answer 5

Since they haven't arranged financing yet, how do you know what interest rate you are paying?? That doesn't sound legal to me, they would have to tell you the monthly payments and the interest rate that you are paying. I believe that is a national law under the truth-in-lending act. If this is the case, then when they do arrange financing, tell them no, you will not accept that interest rate. Also call your states attorney general's office.