We (I) signed the paperwork and left that day(in October) with car. No money down payments are to begin in December. I had a job and child support as income. SInce then I have left that job and looking for another. I will get one quick as I will take anything until somethingbetter comes along. The "finance" company just called yesterday for an "interview" since I am not currently employed she said she will have to send back the paperwork. Basically I will be denied the loan. Can they just come take the car since I have not defaulted on payments. They haven't even began yet for me to be late? Help please:)Thanks in advance.
2007-11-20 03:14:21 · 8 answers · asked by debster197 1 in Politics & Government ➔ Law & Ethics
Yes, you were unable to obtain financing. You need to return the car.
2007-11-20 03:26:45 · answer #1 · answered by davidmi711 7 · 0⤊ 0⤋
Oh yeah they can-
Your loan application was approved because of the information you provided on that application.
It's not even a month later and you decide to quit your job.
The finance company had probably just got through actually verifying all your information.
By quitting your job so soon in effect what you have done is get a loan under false pretenses ( fraudulently in their eyes).
This also puts the car lot in a bind- because the loan company has already paid them for the car and the car lot has already assigned the title.
the finance company can not only take your car (actually they will probably send your salesman from the car lot to fetch it if you don't voluntarily bring it back) but they can make the car lot pay them back and make life difficult for the car lot because they were the ones that sold someone who was so risky a car.
If I were you- I wouldn't count on getting to keep the car.
Good luck
2007-11-20 11:26:57 · answer #2 · answered by tnfarmgirl 6 · 0⤊ 0⤋
They can ask for the vehicle back. I dont really know the exact process for retrieving it if you refuse to let them have it back. The agreement is based upon you getting approved for the loan and it looks like that is not going to happen. If you traded something in they will have to give you that trade in back and any down payment. They also can not charge you any money for the time period that you had the car. They released the car under a good will assumption that you would be provided credit for the vehicle based on the info that you gave them and you were unable to. So if they try to get money out of you for the time you had the car dont allow it and take them to court for that.
2007-11-20 11:27:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Car notes often contain a provision that allows them to pre-emptively take the car if they reasonably believe their security is threatened. Your lack of employment is probably a reasonable ground to believe that payments might not be forthcoming. This relieves them of having to wait for a default to take their security back if they think there's a high risk that they will have to take it eventually. With a no-money down loan, their threshhold will be lower both in court and in reality.
Ask the people at the interview to explain it to you. Be prepared to sell them your ability to get work and pay. Realize that you don't have anything invested here, and they do.
BE REASONABLE. If you're not, they won't be, either.
2007-11-20 11:31:16 · answer #4 · answered by open4one 7 · 0⤊ 0⤋
I don`t think they can take it back as long as you make the payments on time. Also,you should never leave a job without having another job to go to.They might have not turned the paperwork right away so when they checked your employment it showed you not working.You should find something,anything,just so they can show you have the proper income to qualify for the loan.
2007-11-20 11:25:45 · answer #5 · answered by DSimonds 2 · 0⤊ 1⤋
I think so...when I bought my car, i did the same thing and i signed an agreement that i would have my job for at least a year. So i guess that all ties in together. I'm in Texas tho, but im pretty sure that the laws are generally the same.
2007-11-20 11:25:04 · answer #6 · answered by Abby 2 · 0⤊ 0⤋
You have yet to start payments which they relied on your job as a demonstrated ability to make. You're not late and yet you haven't made any payments. They can void the contract or you can quickly find another job and be reassessed.
2007-11-20 11:24:24 · answer #7 · answered by Lex 7 · 1⤊ 1⤋
talk to a lawyer.
Why would you quit a job without having another when you just bought a new car?
i am sure if you default thye will have recourse in the way of use and /or rental and legal fees.
2007-11-20 11:26:08 · answer #8 · answered by Anonymous · 0⤊ 1⤋