Question:
i thought i recently purchased a car. however, i found out that after the dealership let me leave with the car and i've had it for almost a month now, that the finance company declined my loan. Does the dealership have the right repossess the car even though they let me have the car without fully securing the financing for it?
Answers:
Is there a specific make or model I should get?
Yes, but the laws are different by state. The contract itself is with a lender, not a dealer. If the lender doesn't approve the deal, then there is nothing you can do. But, you need to check your state laws.Major World , long island city NY?
You probably purchased the car over a weekend.I need to know the name of the car lot a corner of 24 hwy and noland road indapendance Mo.?
The surprising thing HERE is that they waited a whole month to let you know you've been turned down for a loan! They usually let u know by the following Monday, in which case yes.. they would have the right to do so.. but a month?!
Interesting!
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Either return the vehicle or sign a new contract with higher terms. I'd just return it and be happy that you got to drive a new car for a month.Is it a good idea to buy a customized car off eBay or do it yourself?
its there car you havent paid for ityes they should take it back and bill you for driving it
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Yes, absolutely. they gave you the car contingent up on you getting financed. The best thing you can do is try to get financed some place else, but by know law will you be able to keep their car. So just take their car back on your terms because they will repo it.2001 Nissan Maxima SE or a 1994-1998 Ford Mustang Fully Loaded?
what name is on the ownership ?if the name on the ownership is in the finance company, then the car belongs to them and if they want it back then they can take it back. if its in your name then it might be hard for them to take it back but not sure
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This sounds fishy. I'm pretty sure a dealer can run your credit even on weekends, so they should have had a pretty good idea whether you would qualify. I think they got you into more car than you could afford to make payments on purposely, knowing you would bite the bullet and go for high rate financing after a month or so to avoid losing your initial down payment.How much do you think Mustangs (the car.. DUH!) would cost by 2009?
If it were me, I'd tell them come and get the car and bring a check also. Try playing hard ball with them.
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