Can a car dealer refuse to let me return a car if I changed my mind due to the fact that the finance company didn’t approve my loan?

Get Legal Help Today

 Secured with SHA-256 Encryption

Can a car dealer refuse to let me return a car if I changed my mind due to the fact that the finance company didn’t approve my loan?

Asked on June 1, 2012 under General Practice, Illinois

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If the purchase of the car was not specifically contingent on financing (e.g. there was no "finance contingency" in the agreement of sale), then the transaction is not dependent on financing. It would be exactly like putting an offer on a house where the offer was not contingent on financing; in that case, if you could not get the mortgage, you'd still have to buy the house, or else face liabilty for breach of contract (e.g. losing the deposit and possibly being sued, too). So in this case, if the purchase of the car was not contingent on the financing, the dealer can refuse to take the car back and hold you to the purchase. You would have to come up with the money somehow, or face liability. You can also try to negotiate with the dealer--maybe they'll take the car back if you give them $1,000, for example?


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption