Its a legal question about a car purchased at a dealership?

I bought a car 2 weeks ago. I have the car now. We agreed on a deal and they (the dealer) drew up a contact. I signed it. They never said that they didn%26#039;t have a bank yet to handle my car loan. Now I don%26#039;t understand why would they let me take the car if it wasn%26#039;t paid for? I got a letter from the dealership wanting me to bring the car back because they can%26#039;t find a bank to finance me.

Its a legal question about a car purchased at a dealership?

no bank, no car. this is common sense bro, unless you can find a bank to give you a loan on your own. but for now, you gotta give her back.

Its a legal question about a car purchased at a dealership?

I%26#039;d suggest you obtain your own financing. Do you have a Federal Credit Union at the company for which you work? If so, they may make auto loans available.

If not, try the bank at which you save or have a checking account. Or maybe if you have an investment counselor, he/she may be able to point you in the right direction.

Its a legal question about a car purchased at a dealership?

The answer to your question as to why they do it is easy. They took you off the market. Most dealers have a enough information to make a reasonable decision as to whether they can get you financed. Occasionally they are wrong. Although I am not an attorney, I will tell you that most dealers have covered themselves with disclaimers for this contingency. The only way you can protect your self is by not taking delivery until you are approved by a lender.

Its a legal question about a car purchased at a dealership?

It is definitely not a professional way to sell a vehicle. I would contact your state%26#039;s attorney general%26#039;s office and contact somewhere there to see what can be done. There were a couple of dealers in our area that have done the same thing and they are not very reputable. I hope this helps you.

Its a legal question about a car purchased at a dealership?

i know this is gonna hurt but give it back you%26#039;ll find financing some where and then don%26#039;t deal with them again and then report them to the better business bureau and spread the word about there practice at selling cars, I%26#039;m sure people would be interested.

Its a legal question about a car purchased at a dealership?

You might try making the monthly payment listed in the contract you signed to the dealer if you want to keep the car. Doesn%26#039;t the contract show an interest rate and payment amount? It isn%26#039;t your fault they can%26#039;t (yet) get you financed. Ask them to keep trying. As long as you didn%26#039;t lie, you can probably work something out. See if they will knock some money off the price if you come up with more money down, say in 30 days.That might change the numbers enough for you to get financed.

Its a legal question about a car purchased at a dealership?

The reason you were turned down is most likely because you have a bad credit score. The dealer let you sign the contract and drive away in HIS car because he was HOPING that he could find a finance company that would accept you. Apparently, he could not. Therefore, he wants his car back.

When you know you have credit problems, it%26#039;s always wise to get your credit score and find your own financing. That way, there are no surprises. If you know you have credit problems, you should expect problems.

Its a legal question about a car purchased at a dealership?

I have never, nor ever thought about delivering a car without finance approval, but i know plenty of guys that would. It%26#039;s totally legal for them to do. You may need to come up with more money or get a different car. But you do have to bring the car back and get this straightened out. Sorry.