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

UPDATED: Feb 19, 2011

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Feb 19, 2011Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

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


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 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.

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 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 lock Secured with SHA-256 Encryption