Who's fault is it the dealer or the financing company? Will I get any of the down payment back??? Plz Help!?
Question: A month back I bought a car... so I thought. It was hard trying to get the financing (college student with no credit but 2 cards & student loans; which really dont count much). I got a cosigner and I was able to get approved. Everything got submitted and the dealer gave me the purchase receipt for my down payment. A week later, I get a call saying that there was a typo on the fees charged and they would have to resubmit the paperwork to the financing company. (Where I live, you have 30 days to get your tags for the vehicle, so I've been calling the dealer asking if they had heard anything about the paperwork being processed by the fin. company so I could get tags. They kept telling me no, and that they would call if they heard anything. I still hadnt heard anything. So yesterday, I called to check and see if anything had changed and the Salesman said that they had heard from the fin. comp & they declined my orig. contract and he was trying to see if he could find another company.
Answers: There should be a MOTOR VEHICLE LICENSING BOARD IN YOUR STATE. Contact them and report this dealership. I would try to return the car first and cancel the contract and demand the return of any funds you advanced. GO DIRECTLY TO THE SALES MANAGER OR THE OWNER, DO NOT BACK DOWN. tHIS WAS NO FAULT OF YOURS, THEY ARE RESPONSIBLE... If they do not take the car back and refund your money, then tell them you are going to your states motor vehicle licensing board and filing a complaint!!
I don't know what country you are in, but in Australia the first consultation with a solicitor / lawyer is free and can be done usually over the phone. Hope this helps.
Sounds like the dealer messed up! Go back and read your copy of the paperwork and see what was messed up. If you didn't falsify anything, I would demand the down payment back if they can't find someone else to finance it under-acceptable terms (acceptable to you). Negotiate with the dealership and see if they will finance it since it was there fault. You have an advantage since you have the car and have put miles on it. It will be harder for them to sell it with those miles, so they may be willing to negotiate some.
Obviously the dealer is not communicating with you on a timely manner about the status of your loan. Don't waste your time talking to another dealer as I doubt they can help you with your situation. The best thing to do would be to try to get an auto loan thru your own bank or a credit union yourself and to bring along a co-signer.
If you don't get approved, you would have to return the car and the dealer would have to refund you the down payment.
P.S. It's not the financing company's fault for declining your loan. They have the right to do this at any time for whatever reason.
Take the car back and tell them you want all money back that was used as a deposit. They are jerking you around and will probably wind up finding a loan but at a really high interest rate. I get leery when they say we made a typo .
Answers: There should be a MOTOR VEHICLE LICENSING BOARD IN YOUR STATE. Contact them and report this dealership. I would try to return the car first and cancel the contract and demand the return of any funds you advanced. GO DIRECTLY TO THE SALES MANAGER OR THE OWNER, DO NOT BACK DOWN. tHIS WAS NO FAULT OF YOURS, THEY ARE RESPONSIBLE... If they do not take the car back and refund your money, then tell them you are going to your states motor vehicle licensing board and filing a complaint!!
I don't know what country you are in, but in Australia the first consultation with a solicitor / lawyer is free and can be done usually over the phone. Hope this helps.
Sounds like the dealer messed up! Go back and read your copy of the paperwork and see what was messed up. If you didn't falsify anything, I would demand the down payment back if they can't find someone else to finance it under-acceptable terms (acceptable to you). Negotiate with the dealership and see if they will finance it since it was there fault. You have an advantage since you have the car and have put miles on it. It will be harder for them to sell it with those miles, so they may be willing to negotiate some.
Obviously the dealer is not communicating with you on a timely manner about the status of your loan. Don't waste your time talking to another dealer as I doubt they can help you with your situation. The best thing to do would be to try to get an auto loan thru your own bank or a credit union yourself and to bring along a co-signer.
If you don't get approved, you would have to return the car and the dealer would have to refund you the down payment.
P.S. It's not the financing company's fault for declining your loan. They have the right to do this at any time for whatever reason.
Take the car back and tell them you want all money back that was used as a deposit. They are jerking you around and will probably wind up finding a loan but at a really high interest rate. I get leery when they say we made a typo .
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