• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Auto financing not approved.

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

C

Cat 5596

Junior Member
What is the name of your state? Florida

I bought a car two weeks ago. A few days later, I was wishing I hadn't bought it as I have other debts I really need to pay off. I received a notice from the finance company that financing was not approved. Does this mean I can give this car back and get my trade in back? Am I under any legal obligation to buy this car now?
 


B

BelizeBreeze

Senior Member
Cat 5596 said:
What is the name of your state? Florida

I bought a car two weeks ago. A few days later, I was wishing I hadn't bought it as I have other debts I really need to pay off. I received a notice from the finance company that financing was not approved. Does this mean I can give this car back and get my trade in back? Am I under any legal obligation to buy this car now?
Click to expand...
Hold your contract up to the monitor so we can read it and offer Valid advice.




get it?
 
C

Cat 5596

Junior Member
BelizeBreeze said:
Hold your contract up to the monitor so we can read it and offer Valid advice.




get it?
Click to expand...
Not really. If the financing wasn't approved, is the contract still valid?
 
B

BelizeBreeze

Senior Member
Cat 5596 said:
Not really. If the financing wasn't approved, is the contract still valid?
Click to expand...
O.K. let's try this in English.

Read your purchase contract. If there is no contingency clause "this contract is contingent upon the purchaser obtaining financing" then yes, the contract if valid.

HOWEVER, that's as far as anyone will go since we can't read the contract.
 
A

akwaitress

Member
call the dealer

You need to call the finance dept. It is possible that they tried to obtain financing for you w/ one company that declined you and then were able to get you approved w/ another company. The company that declined you is required to send you notice of the reason you were declined. This also entitles you to a free copy of your credit report and will state which credit reporting agency was used i.e. experian, trans union.

I recently had this situation occur one declined me based on debt to income ratio and another approved me based on credit score.
 
You must log in or register to reply here.

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top