If it has been over 30 days since my vehicle purchase but the loan is still not finalized, how can I protect myself?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If it has been over 30 days since my vehicle purchase but the loan is still not finalized, how can I protect myself?
I purchased a vehicle at a small dealership over 30 days ago. I was told that the due date of my first payment was 6/6. Around the 6th I realized I hadn’t received anything from the finance company. After speaking with them, I was told that my loan didn’t go through and the dealer was resubmitting the paperwork. Do I have to resign loan documments? What can I do to protect myself from not having a late payment show up since the loan still isn’t finalized and I technically don’t have anywhere or anyone to send my payment to?
Asked on June 11, 2012 under General Practice, California
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
You have what is called a spot delivery. You probably signed something indicating you are taking possession of the vehicle while financing is located. If so, you need to return the vehicle and get back any monies you paid to the dealership. Call it a day and move on as the contract was not fully executed. If you really want the car, look for financing yourself to mitigate your damages or just sit tight and see what happens. Who has the lien on the car currently? If it is the dealer, then simply pay the dealer with verifiable proofs of payment and get receipts.
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 AttorneyPages.com 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.