I purchased a vehicle about 3 weeks ago, sighned a contract took the car home, called me back said they found someone to finance me and change th contract around i was ok with that signed it and me and the car left . the dealership called sid they needed my w2 the stuff i brought from my employer was not enough they needed more, now the financing company is saying they dont want to finance me . the car is already licensed in my name and the plates on from motor vehicle I paid 500 down which the check has gone through my bank and i owe 1750 on the first for the rest of the down payment, what are my rights and do i need to give this vehicle back or is the finance company stuck having to finance me? what are my otions other then trying to find other financing.
purchase a vehicle
- Thread Starter mlmiera
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army judge
Super Moderator
The finance company has changed their mind.
Yes, you must return the car.
You don't own it, the finance company does.
It is not your car.
If you don't return the car, they will repossess it, and possible file theft (conversion) charges against you.
Be smart, avoid a big problem, return the car; or pay off the note in FULL.
army judge
Super Moderator
I have no idea. You need to speak with the dealer and/or the lender. I suggest you read the contract you signed. The answer is in that document. Generally, down payments are forfeited. Each case is different. Contact the dealer and the lender.
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mightymoose
Moderator
Read your contract and look for a clause that explains when and how the contract may be canceled. If the time frame specified has passed then the dealer may end up having to finance the car.
If you are within the tine frame allowed you should expect to pay a prorated amount for the time you had the car which would cone out of your down payment. This is also likely explained in the contract.
If it turns out you need to return the car and you want your deposit back see what you may be able to negotiate in writing to make things go smoothly.
If you are within the tine frame allowed you should expect to pay a prorated amount for the time you had the car which would cone out of your down payment. This is also likely explained in the contract.
If it turns out you need to return the car and you want your deposit back see what you may be able to negotiate in writing to make things go smoothly.
disagreeable
Well-Known Member
It appears you returned the vehicle without a breach of the peace. You owe for usage of the vehicle.
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