What is the name of your state (only U.S. law)? FLORIDA
I bought a BMW used car from a dealrship in florida. They checked my credit and approved my car loan and gave the car. I sold my old car once i got the BMW.
After few days i got a call from the dealer stating that BMW financial rejected the car loan, so either i have to return the car or find a new bank to get the car loan.
The dealer say's that they pre-approved the loan thinking that the loan will be approved. Is this Valid? what should i do in this case.? I don't see any clause in the financial agreement that i need to return the car if the loan is not approved. Is this a florida state law?
They called me yesterday and said that found another bank which is ready to take my loan, but they are not talking anything about the interst rate or bank information. They say that it is not possible to talk all these information over the phone as it is privacy related issue according to the state law. I asked them what's privacy in talking about my information. They are saying somebody can tap the phone and hear which is not good for the dealer and me. SO they would like to talk directly with me.
I'm facing all these things for the first time, let me know what i'm supposed to do in this matter. Is it ok to meet them personally?
waiting for the response.