My trade in was payed off and sold and financing fell through.

[fergusonkc]

Jurisdiction

Tennessee

I purchased a brand new truck on 1/24. It is now 3/8 and the dealer has informed me through text that the financing has fell through. My trade in was payed off and sold. The only agreement they have is higher interest and payments. I will not sign this and am planning on letting them come get their truck. Only issue i have is the vehicle traded in had a balance of $6800 which was paid off by the dealer and they offerred me $4500 trade in value for my car. They do not have the car anymore. It was sold. What does the dealer owe back to me. The $4500? Thanks for any reply.

 

[mightymoose]

Read your contracts for the best information.
You sold your vehicle to the dealer. They aren't going to owe you anything.
You might be best off at this point to negotiate more agreeable financing terms for a new car.

 

[army judge]

In addition, prepare to get nothing.
Why?
Usually you'll be charged for the wear and tear on the vehicle that the dealer demands you return.

Very often the wear and tear and use of the vehicle usually eats up anything the dealer is alleged to owe you.

Read the documents you received, the EXACT wording is hidden among the thousands of words across those documents.

 

[adjusterjack]

I purchased a brand new truck on 1/24. It is now 3/8 and the dealer has informed me through text that the financing has fell through.

I suggest you read your contract carefully to see if you were applying for financing or whether you got financing. If you don't understand your contract, feel free to post it here for review.

Otherwise, go to a bank or credit union and see if you can get a loan.

Only issue i have is the vehicle traded in had a balance of $6800 which was paid off by the dealer and they offerred me $4500 trade in value for my car.

They rolled the $2300 difference into your new loan so you'll owe more than the new car is worth. It was a bad deal.

If you bring the car back you could owe that $2300 to the dealer.

I think you really should be seeing a lawyer.

 

[txls]

No they don't owe you $4500.00. You owe them $2300.00. However if you were to walk away they would have a difficult time collecting that from you. They should really be willing to work with you so that they aren't in a position of trying to collect from you. Read very carefully every document that you signed, then go negotiate.