Dealer wants me to return new car, can't finance

[mrmattson]

California.

Let's face it. I don't have that great of credit. I have a 515 FICO. I ended up buying a new Toyota Camry this last Saturday. I love the car (it's perfect). I then get a call this morning that they cannot get me financing and I may need to return the car in a few days if they still can't.

My interest rate is already a sky high 20% (figure I can re-fi in a year). I don't want to hear them saying like I need to return my car, sign for a higher APR, get a co-signer and/or put some money down.

I did some research and found a lot of articles about "yo-yo car sales". I'm just wondering what my rights are? Is this deceptive? Why did they give me the car if I'm not approved? This sucks!

 

[moburkes]

The ONLY right you have is to return the car. You don't want a higher interest rate, but with your previous bill paying ability, you can't dictate the options. It very well could be that the dealer cannot get you financed, period.

You can try applying here. They are good for people with bankruptcies, and they may be able to help you. Apply online. www.roadloans.com.

 

[mrmattson]

The ONLY right you have is to return the car. You don't want a higher interest rate, but with your previous bill paying ability, you can't dictate the options. It very well could be that the dealer cannot get you financed, period.

You can try applying here. They are good for people with bankruptcies, and they may be able to help you. Apply online. www.roadloans.com.

My friend purchased a new car too, his FICO is only 560. He got approved on an even more expensive car at a 15% rate. I have 4 previous $30000+ car loans all paid on time and have never had a BK or Repo!

 

[moburkes]

My friend purchased a new car too, his FICO is only 560. He got approved on an even more expensive car at a 15% rate. I have 4 previous $30000+ car loans all paid on time and have never had a BK or Repo!

Yours is considerably less than his. However, feel free to contact his bank/lender, and see if they will finance you. But, again, unless you can get the vehicle financed, the only right that you have is to return it to its owner.

 

[mrmattson]

Let's say I return it. Can I put a couple thousand miles on it this week before they call me to return it? After all, it's my car until I return it right?

 

[ForFun]

Let's say I return it. Can I put a couple thousand miles on it this week before they call me to return it? After all, it's my car until I return it right?

I wouldn't recommend it. Most likely, there is a clause in your documents that states that you must return the car with reasonable wear/tear if you cannot obtain financing.