Dealership offered credit, denied by the bank, $2200 down payment, collections

[PlainJames]

What is the name of your state (only U.S. law)? Kentucky

I was offered bank financing through the dealership with my 550 credit score and job history. I paid $2200 down, but was denied the loan by the bank "after further review" because I unknowingly had a suspended license. I'm now receiving collection calls, and my dealer is saying it's out of his hands. My first payment is due in 2 weeks, just wondering what I should do. The denial letter from the bank said that decision would not reflect on my credit score. I just want my $2200 back. I've talked to local court officials and they have said the dealership shouldn't be able to take the car back if I paid that much down, as long as I was making payments. I appreciate anyone's advice.

 

[FlyingRon]

Umm...I wouldn't put too much faith in what the "alleged" court officials said. You don't have a loan, you have a car you've only partially paid for. Unless you can secure financing elsewhere pronto, you need to bring it back.

 

[PlainJames]

So I just lose $2200 after only having the car for 3 weeks?

 

[LdiJ]

So I just lose $2200 after only having the car for 3 weeks?

Get out your contract and read the fine print. I can almost guarantee that there is a clause in there somewhere that states what will happen if you cannot secure financing. You do not lose your down payment, but generally you have to pay XX amount of cents per mile for every mile you put on the car while you had it.