What are my options witha dealership and my car regarding a denial of financing?

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What are my options witha dealership and my car regarding a denial of financing?

I just recently purchased a car they told me that everything was approved as far as financing; all I had to do was give me down payment and sign. I came and I did just that and I drove off in the new car. A week later they said that I was not approved and basically I may have to return the car. I’ve already sold my prior vehicle and it’s the only one I have what are my options. I have all my signed documents from the dealership.

Asked on March 11, 2012 under General Practice, Florida

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

In a case like this, where you took an action to your detriment (selling your car) based on reasonable reliance on representation or promise made by another (the representation that everything was approved for the purchase), which promise they either knew or should have reasonably known/expected would cause you to take such detrimental action (i.e. a dealership should know you'd sell or trade in an existing car when you buy another), you may be able to hold that promise (that you could buy the car) enforceable under the theory of "promissory estoplel." It is possible you could force them to sell you the car under the terms discussed (e.g. the dealership itself would have to finance you) or alternately recover monetary compensation for the loss or damage you've suffered (the sale of your other car). It would be worthwhile for  you to meet with an attorney to discuss the situation and your options in greater detail.


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