How long does a car dealer have to secure a loan?

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How long does a car dealer have to secure a loan?

It has been 16 days. They will not give me my trade in back and I am now 11 days late on the car payment that should have been made for my old car.

Asked on April 19, 2012 under General Practice, Colorado

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The best way to answer the question that you have written is for you to carefully read the purchase and sales agreement for the vehicles that you have written about in that that document should control the obligations owed to you by the car dealer and vice versa. The document should set forth what contractual duties the car dealership has for getting you the desired loan and under what time frame. If not, you seemingly are in a bad position concerning the transaction you are writing about.

Hopefully for you the purchase agreement specifically references a guaranteed loan for a set amount, at a certain interest rate for so many years.

In the future, it in best that you do not purchase an item without having a loan set forth in place for you.

 


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