Can i return my vehicle back to the dealer if im having problems with the bank financing my vehicle?

Question:


Answers:

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Generally, a dealer will not close a deal with you unless your financing is secured from you bank. Technically, until you pay off the bank, the bank actually owns your vehicle. If you placed a deposit on the car which he accepted and now are trying to obtain financing (personal loan, not auto loan), I do not believe that you can return the car. Obviously, if you cannot make payments, it will be repossessed.

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However, it is in your best interest and for your credit rating to speak to the dealer and see if something can be worked out. Perhaps you can receive financing (albeit at a higher APR) through the dealer.

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