How long does a dealer have to get my financing approved?

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How long does a dealer have to get my financing approved?

I signed a contingency contract a week ago with a specific interest rate. I received a call a few days ago that they were unable to get me approved with that specific interest rate. I informed them I would bring the car back and they agreed. On the way to the dealership I backed into a parked car causing damage. Now the dealership is refusing to allow me to bring the car back, now they are indicating they may be able to find me that same exact interest rate agreed upon. I did find another vehicle and actually do want. How long does dealer have to get me approved?

Asked on February 19, 2011 under General Practice, Nevada

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Unfortunately, there is no hard-and-fast rule on how long they have to get you approved. If the amount of time is unreasonably long--with that being a subjective measure--and there are negative consequences from the delay, they end up being liable for consumer fraud and you owe compensation for that. Or if they give you a projected financing availability date and violate it, they may be guilty of contract breach, giving you grounds to either rescind the contract or seek compensation. However, since there is no firm date in the law, you have to play this "by ear," trying to nail them down to a date (so you can see if they honor it), threatening to take legal action if necessary if they won't give you a date or move the process forward, etc.


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