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Can This Be True?

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NOTSURE!!

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

TENNESSEE,

MY WIFE AND I BOUGHT A NEW CAR FROM A WELL KNOWN DEALERSHIP ( HAS SEVERAL LOCATIONS IN SEVERAL STATES.) THE CAR WAS BOUGHT AND FINANCED TROUGH HONDA MOTOR FINANCING ON AUG. 2, 2008 WITH ALL PAPERWORK SIGNED AT THE DEALERSHIP. NOW 17 DAYS AFTER HAVING THE CAR I RECEIVED A LETTER FROM HONDA STATING THAT FINANCING WAS DENIED. I CALLED THE DEALERSHIP AND THEY SAID THAT THEY WERE SORRY, THAT THEY THOUGHT EVERYTHING WAS O.K. THER IS NOTHING THAT THEY CAN DO, BUT NOW I WILL HAVE TO RETURN THE CAR. THE FIRST PAYMENT IS NOT DUE FOR ANOTHER 13 DAYS. IS THERE ANYTHING I CAN DO?
 
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NOTSURE!!

Junior Member
But Is It Legal?

I Know I Can Try To Get Fiancing Somewhere Else, Can The Dealership Do This Over Two Weeks After The Paperwork Has Been Signed. They Told Me I Was Approved For The Financing. The Dealership Never Tried To Notify Me. I Made The First Contact After Getting A Denial Letter From Honda.
 

TNBSMommy

Member
Apparently it's in the paperwork you sign that it is "pending" bank approval and you very well could get denied after you take the car home.. I have a friend who went through the same thing, drove a brand new car for nearly a month before finding out she was denied bank approval and had to either find someone to co-sign for her or return the car, but I'm not really sure what the outcome was except that she ended up with a different car from a different dealership...
 

tranquility

Senior Member
I'm sure that somewhere in the paperwork there would be a clause that tells you financing is not guaranteed or that is subject to credit approval or whatnot. While we would have to see the contract itself to be sure, they are not required to finance you.

(Side note. Avoid all caps-it is considered shouting. Avoid capitalizing the first letters of all words, it makes it hard to read and has no purpose whatsoever.)
 

HomeGuru

Senior Member
I'm sure that somewhere in the paperwork there would be a clause that tells you financing is not guaranteed or that is subject to credit approval or whatnot. While we would have to see the contract itself to be sure, they are not required to finance you.

(Side note. Avoid all caps-it is considered shouting. Avoid capitalizing the first letters of all words, it makes it hard to read and has no purpose whatsoever.)
**A: I totally a gree. The OP has not read the fine print.
 

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