Whatt o do if the financing on my new car has not been approved?
Question Details: I bought a new car by trading in my old car. I made a certain down payment in addition to the trade-in value of my car. The new car I bought had some problems and stopped all of a sudden on the highway giving a near death experience to me and my fiance. I took the car back to the dealership the next day and dropped it off and has been waiting for a response from them regarding what they can do about this. I addition to this the dealership calls me for additional documents that they have not requested at the time of purchase. They said the loan was approved and stuff then and there are signals that say they are talking about loan denial. Can you please tell me what are the consequences I may face?
Your obligation with respect to the car that you purchased lies with the presumed purchase contract that you signed for it. As such, you need to read the document carefully in that it controls the obligations owed to you by the seller and vice versa.
You need to carefully read all provisions regarding all loans and financing for the vehicle. If the sale was subject to you getting a loan and you are unable to get one, then possibly you can rescind the purchase of the car and get your money back. However, this is unlikely. I suggest that you consult with an attorney that practices contract law.
One consequence that you may be subject to is having to come up with the full purchase price for the car on your own.
