A week ago, we signed papers for a 2007 Cobalt at a Chevrolet dealership. They took over the 2003 Altima (that we still owed on) gave us 5k for it and applied the rest that we owed to the loan.Today in the mail, I received a letter from the institution the dealer said it was financed through and they said they couldn't approve the loan but gave us a counter offer...then said for us to contact the dearlership if we were interested within 30 days. Prior to signing the papers, the loan officer said that he had three that had already turned it down...but then called us in with the one that would accept it.
We've already changed info with our insurance. The car payment on the Altima is due in two days. One question is...wouldn't the dealership have already contacted us that the financing had not gone through or should we just take this car back pronto and make the regular payment on the Altima?
2007-10-22 13:29:13 · 4 answers · asked by fallenmoonlight0 2 in Cars & Transportation ➔ Buying & Selling
They are doing something that is patently illegal in most states. You signed a contract with the dealer, they took your car and allowed you to take their car. If the loan wasn't approved, why would they risk giving you their car? Do they still have your car? I doubt it, so how are they going to reverse this transaction?
Tell them they will honor their contract or they can talk to your lawyer and the District Attorney. See where that leads. If they refuse, contact a lawyer.
2007-10-22 13:56:47 · answer #1 · answered by Dan H 7 · 2⤊ 0⤋
I would call the dealership and talk to the financing people and make sure everything is fine. Since you signed papers I would assume that everything is fine.OR, call the people that the dealership supposedly got approval from and verify all the info. If they still have the Altima then you can get it back if financing didn't go through. But they should've contacted you by now if it didn't. This sounds really shady so I would verify everything.
2007-10-22 13:39:47 · answer #2 · answered by Stina Lady 5 · 1⤊ 0⤋
Take the car back and talk to the financing office. Don't let them push you around. If you guys agreed on financing and trade-in values and signed for it, then it should go through. If they give you too much of a hassle, like trying to push the counter offer on you, then tell them you want your car back and the deal is off. This will get them going and making things happen. It's too close to your car payment (that being the Altima) to be playing around. Make them follow through with what they said they would do.
2007-10-22 13:56:59 · answer #3 · answered by aric_714 4 · 1⤊ 0⤋
Take the car back and buy a Toyota.
2007-10-22 13:33:58 · answer #4 · answered by Anonymous · 0⤊ 3⤋