Can a dealership take the car a after two weeks??

Question

I just bought my dream car two weeks ago I sign the papers and the sales guy told me I will be finance but after the 2 weeks i got a call telling me to return the car because i couldn't get finance but what its worst is that i had a trade in and i was still making payments on and because of the waiting period now im late and makes my credit bad too!! What really upsets me is the in their commercials they say they will help any one but i guess they don't!! I want to hirer a lawyer i think i have a care for miss leading!! any opinions Pls ..

Answer 1

Ok, first of all, contact your lender (on the car you traded, and explain to them that you had traded the car, and the financing was denied! Tell than that you will be making the missed payment this week, and do so! Seeing as it is only two weeks, you should have no problems!

The dealer who took the trade in must return it to you, along with any and all money that you put down. Do not allow them to try to say that you owe for repairs to the trade, or that you owe fo using their car!

What happened was the dealer "spot" delivered the new car, expecting to get the financing approved! Dealers do this because they usually can get the financing handled, and they want to take you out of the market, and lock you into dealing with them. One of the papers you signed said that in the event of financing not being approved, you would return the car and they would return your trade and down payment!

You have no reason to sue unless they try to keep your trade or down payment! They did not mislead you, they tried to get the financing approved! Now they take the car back and you both are in the same position that you were in before you made a deal!

Be sure to notify your insurance company that you are going back into your old car, and to transfer coverage back!!

Answer 2

Some dealers will allow you to take the vehicle when they know they have not finalized the financing. You think the loan has been finalized but really all they did was present a request for a loan to the bank.
They submit a loan to a bank based on your credit and down payment they THINK the bank will accept. The loan goes to the bank they review it and then they can deny it or accept it.
If they deny it the original loan has to be changed or they can ask you to bring the vehicle back and exchange it for a car the bank will accept. They can do this if they put the possiblity of this happening in writing. It sucks but it can happen in the future make sure that the financing is a done deal and refuse to take the car until you know that the bank has accepted all the terms of the loan you signed. Good luck I hope you get your trade back and your downpayment.
On a different note;
I have read a lot of posts coming down on those with bad credit.
This dealearship sounds like a buch of losers taking advantage of those with bad credit. People have bad credit.or various reasons yes some are irresponsible ,some have unforseen finacial problems that cause their credit to suffer,divorce,fraud you name it.
When you have bad credit for whatever reason lenders etc will see you as risk which they should but why take the risk and offer a consumer a loan making them pay higher interest rates than someone with excellent credit. Greed
If a lender approves someone with bad credit with and gives them an insane interest rate because they are a risk wouldn't it make sense to think they will default. Someone on this site awhile ago said they had a 25% interest rate that is insane no one bad credit or not should have such a high interest rate.
Unfortantley many people with bad credit need homes,and cars many towns do not have public transportation or that may not be an option.
We all know how important credit is who would want to have bad credit crap happens to us all. Be careful that it does not happen to you unless you are rich it can happen to you.
If if does what would you do if you were being taken advantage of by a lender?

Answer 3

Sometimes it happens. The dealership just can't get you financed. unfortunately, they shouldn't have let you take the car- but they did. But you did sign and take it, giving them your old car. You may, or may not be able to get your old car back. If they still have it, you can get it back for sure, but if they already transferred title, you can't. You can hire an attorney, but you probably won't get anywhere. Sadly, the dealership is in the right.

As far as your old financing company, call them and ask if the payment was made. Tell them what happened, and see if they will waive any late fees. They may not, but they just might. If not, talk to the dealership and try and get them to pay the late fees. They had agreed to take your car, and were supposed to pay off the loan in full. If they haven't done that, the payment was their resposibility to make on time. While you may owe the money, they should have made that payment.

Good luck!!

Answer 4

This is a common thing that happens to people with poor credit. If a dealer can't get you approved with his finance company or bank, the car still belongs to him since he hasn't yet been paid. You can either pay a higher payment, make a larger down payment, or return the car.

Answer 5

I don't think you can fight this one, although I've heard of dealerships trying to charge for the "loaning" of the vehicle. They'll give you a car to drive while they arrange financing, but... if they can't get you financed, or if you simply decide you don't want the car, they'd give you a bill similar to a car rental.

I'm sure you signed some sort of agreement when you picked the car up... if you still have those papers, definitely read all the fine print. It would have details on what would happen if you didn't get financed or other obsticle.

Answer 6

You got dehorsed. If they won't give your car back, sue. In some jurisdictions, if they do this and don't give your car back, it is considered to be fraud.

http://jalopnik.com/cars/rules-of-the-road/rules-of-the-road-how-not-to-get-dehorsed-when-buying-a-car-325256.php
http://www.dot.state.tx.us/publications/motor_vehicle/section05.pdf

And yes, if you aren't paying for the car, they can take it back. Oh, and until your old loan was payed, you should have kept paying on that one.

Word to the wise..."WE FINANCE ANYONE!" places are almost all scumbags. Don't patronize them, ever.

Get your car back, or if you can't, make sure you get more than the trade-in price (because their sweet, low trade-in price is part of giving you a better deal on the car you're buying at retail from them...when you take your business elsewhere, you're not going to be able to offer that carrot to the other dealer), get your down payment back, and go elsewhere. Never go back to this dealer, never take a car without securing financing FIRST, and badmouth this place to everyone you know.

Oh, and if you have to, sue.

Answer 7

You must have really bad credit. If you read the "fine print" about them being able to help everyone, there is a way out for them. You should not be penalized for what happened. I think a lawyer would be a waste of time and money in this case. Just get your car back along with any deposit you paid and move on.

Answer 8

The only way a lawyer can help you is if you know one that will finance the car for you..It is not the dealers fault that your credit is soooo bad that no one will touch it ..

Answer 9

If you couldn't get financing, who were you making payments to? Yes, it is leagal for them to do this. If you can't obtain financing, you can't have the car.

Answer 10

I AM SURE THAT THEY CAN FIND SOMEONE FOR YOU BUT THE INTEREST RATES WOULD BE VERY HIGH.

GO BACK AND SPEAK WITH THEM AND LOOK AT THE RATES THAT THEY HAVE, THE WILL LIKELY BE AROUND 18 TO 23 PERCENT.