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?
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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 11 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?
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