What are my rights/responsibilities if I took possession of a new boat but later was told that my loan application was denied?

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What are my rights/responsibilities if I took possession of a new boat but later was told that my loan application was denied?

I paid $2000 down on a new boat at Bass Pro. Was told the loan was approved. Spent 2 hours doing paperwork and left with boat. 4 weeks later I contacted store due to no loan info sent to me. Was told the loan was denied. was asked for more personal finance info. I said no. I offered to return boat for my investment. They want to do a detailed inspection so there is possibility they will try to stiff me for some money. I was also given a bill of sale signed “Paid in Full”. Should I return it? Am I liable for any damage? I have also registered it in my name.

Asked on July 2, 2014 under Business Law, New Hampshire

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

Okay well I think that you know the answer to some of your questions: "Should I return it?" and "Am I liable for damage?" but what I fear is that this dealer is playing the same game many car dealers do with stating you are approved and then reeling you back in for a loan with a higher interest rate or asking for more money down.  They are going to sue you and they will probably win so I would speak with a lawyer about negotiating the return of the boat and your money.  Good luck.


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