Can a car dealer force you to get a new loan?
Can a car dealer force you to get a new loan?
It’ll depend on what the dealer says. If you don’t have a loan, yes, the dealer will either demand you sign new paperwork for a new loan, or demand the car back. Do you have a bank you deal with directly that you can discuss loan options with?
How to find out if a car dealer is falsified?
Carefully read the documents, especially the credit or lease contract. Ask to review your final financing application. Make sure it shows your real income, down payment, and other personal information. Be sure all the terms, including the price and the financing, are what you agreed to.
When can sellers cancel a car dealership financed contract?
The 10-Day Rule: When can sellers cancel a car dealership financed contract? If you buy a car that is financed through the dealership, the dealer CAN cancel the contract, but only if it notifies you within 10 days of the date on the purchase contract. This type of financing is sometimes called a “spot delivery.”
What to do if your car dealership goes out of business?
You should contact your finance company to tell them about the problem and discuss your options. If your dealer arranged your finance, the finance company is also responsible for giving you a remedy for the problem under the CGA. This is particularly important if the dealer is not being helpful or has gone out of business.
What to do if car dealer denies financing?
It goes like this: you choose a car, get the loan approved, sign all of the paperwork and then drive away with your brand new car or truck. Next, the dealer contacts you to say that the financing was denied and that you must come back to the dealership and sign a new contract.
What happens if you buy a car at a dealership?
It is a horrifying situation. You buy a car, motorcycle, or RV by financing it at the dealership. You sign the paperwork and drive it home with the dealer’s blessings only to discover a few days later that the financing has suddenly and unexpectedly been denied.
What happens if you are approved for financing at the dealer?
If they approved your financing and you signed an agreement with them and they suddenly discovered their mistake and attempt to strong-arm you into backing out of the deal, you may be able to enforce the contract.
The 10-Day Rule: When can sellers cancel a car dealership financed contract? If you buy a car that is financed through the dealership, the dealer CAN cancel the contract, but only if it notifies you within 10 days of the date on the purchase contract. This type of financing is sometimes called a “spot delivery.”