Purchased a car but financing wasn't approved...

[jmandusic]

What is the name of your state?What is the name of your state? GA
I purchased a used car about a month ago from a dealership, signed all the papers and drove the car off the lot, but about 2 weeks after that I received a letter from the financing company whose name was on the signed papers saying that I wasn't approved due to monthly payments being too high for my income. I contacted that financing company and asked what the deal was and they said that unless the dealership reduced the monthly payments they will not finance the car. The dealeship hasn't contacted me and I still have the car in my possession. I know that I won't be able to keep the car without payments (obviously!) but what can the dealership do legally other than taking the car back, which is fine by me. HELP !

 

[red_troy]

I had a situation that was almost the exact same as yours. I was young and was approved for a new car from a dealer that had signed contracts and let me take the car, and I even gave them a check for a down payment. I had insured the vehicle, and in all aspects had assumed the car was mine until one morning( almost two months later) I woke up to find my car was gone. Once I had found out that the car had been reposesed I immediatly contacted my attorney who took a look over the contract and all paper work that I had. My attorney came to the conclusion that yes the dealership would have to be responsible to holding up to their end of the deal, however he did point out that the interest rate I had was very high and would probably be better off trying to give the car back. I spent alot of time stressing out about this and my attorney pointed out that if I went after the dealership to give the car back it could end up being a long mess. To sum this up what I ended up doing was taking my attorney into the dealership with me and have them give me back the down payment and the payments I had allready made. I also had the dealership sign a contract saying that they would make sure not to report any negative marks on my credit.( mainly for the repossesion) I wa pretty upset that my credit must have been soooo bad that I couldn't even get a car loan. however since then I have had better experiences with buying cars so my best of luck to you and I hope this advice helps somewhat.

 

[jity]

Now days you sign a piece of paper saying if your not approved then the deal is dead. Most of the time happens on the weekend or after hours

 

[luvbskts]

What is the name of your state?What is the name of your state? GA
I purchased a used car about a month ago from a dealership, signed all the papers and drove the car off the lot, but about 2 weeks after that I received a letter from the financing company whose name was on the signed papers saying that I wasn't approved due to monthly payments being too high for my income. I contacted that financing company and asked what the deal was and they said that unless the dealership reduced the monthly payments they will not finance the car. The dealeship hasn't contacted me and I still have the car in my possession. I know that I won't be able to keep the car without payments (obviously!) but what can the dealership do legally other than taking the car back, which is fine by me. HELP !

A friend of mine had the same thing happen...sort of. In the end, the dealership ended up lowering the price of the car to get the payments down. Good luck.