New Car Dealer approved deal now theychanged their mind

[lamitch]

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

 

[sandyclaus]

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

Please don't use the "preview" button. It likes to eat posts.

And in response to the limited info provided, if it ain't in writing, it never happened. Perhaps a lower level salesman was vetoed on a potential offer. If they won't agree to it, in writing, then move on to another dealership. Use the power of being a consumer, and exercise your right to shop elsewhere.

 

[lamitch]

Please don't use the "preview" button. It likes to eat posts.

And in response to the limited info provided, if it ain't in writing, it never happened. Perhaps a lower level salesman was vetoed on a potential offer. If they won't agree to it, in writing, then move on to another dealership. Use the power of being a consumer, and exercise your right to shop elsewhere.

Sorry my first time posting---learning curve. Thans for the feedback.

The contract is signed with no stipulations by the dealer and finance company...they want the car or a cosigner

Traded in a financed car financed new one and gap. Paid $550 for dealer to pay payment on the car that was trade in since it was due. Now the trade in car loan is past due, dealer states bank wont take loan because I am out on temporary medical leave, but they knew that in advance and said there wasn't a problem. Now dealer states this is my problem and I need to resolve it. I still have new car don't know where the car I trade in is at...dealer said it was sold and they received the payment for it. It appears the vehicle is still in my name...should I get auto insurance back on it until this issue is resolved. The contract was signed and I took possession back on Nov 23. The limited right to cancel section was identified with a N/A on the contract and there wasn't any stipulations pending loan or contract approval.

 

[justalayman]

Anywhere on your contract, is there anything regarding it was based on you being financed by some entity other than the dealer?

If not, does the contract provide financing terms or does it simply state it is a purchase for $XXXXXXX .

 

[lamitch]

Anywhere on your contract, is there anything regarding it was based on you being financed by some entity other than the dealer?

If not, does the contract provide financing terms or does it simply state it is a purchase for $XXXXXXX .

Seller assigns its interest in this contract to AmerxxxxFinancial services.Retail Installment Sale Contract Simple Finance Charge X% rate Finance charge $15xxxx amount financed 28xc total of payments 40xx total sale price 40xxx. I am not too confident that I answered your question...I apologize for my ignorance

 

[justalayman]

It sounds like the dealer provided financing and then attempted to sell the contract to AmerxxxFinancial and they refused to buy it.



If so, unless there is something that allows the dealer an out, not seeing anything immediately that would allow them to unwind the deal. Read everything again and very closely to make sure there isn't some escape clause. Unless there is, I think the dealer is out of luck and is stuck with things as they are.

to your trade in: Does Ohio require or provide the means for a seller to report the sale of their car to the DMV or some other entity that would make the sale "official" as far as the state is concerned. If so, make sure you file whatever so your liability regarding your trade in is terminated. If not, I would be pushing the dealer to complete their side of the contract.

If they refuse, I would suggest speaking with an attorney.

 

[OHRoadwarrior]

I suspect this was a spot delivery and they did it knowing the financing would be kicked due his employment status. What does the finance agreement say about verification of income?

 

[lamitch]

I suspect this was a spot delivery and they did it knowing the financing would be kicked due his employment status. What does the finance agreement say about verification of income?

Paystubs were provided..just started medical disability 2 weeks prior..Even a paystub with very little income from the employer was provided. This was all they asked for to provide income verification. It was made very clear upfront that the medical leave just started and caution was used to ensure they understood that...they kept saying that there was no problem...

I am not sure if the dealer called the DMV..they did call my insurance company to switch automobiles


The limited right to cancel clause which seems to be the only place on the contract...states that if they cannot assign the contract etc...I would think this is the part of the contract that relates to contract contingency...but on the contract itself it has that section not check and follws with a N/A. This to me means that this wasn't an open ended contract w/ a contingency and that financing was secured and agreed upon. At the bottom of the contract it states that the seller assigns this contract to AMxxxxcredit financial services

 

[lamitch]

Paystubs were provided..just started medical disability 2 weeks prior..Even a paystub with very little income from the employer was provided. This was all they asked for to provide income verification. It was made very clear upfront that the medical leave just started and caution was used to ensure they understood that...they kept saying that there was no problem...

I am not sure if the dealer called the DMV..they did call my insurance company to switch automobiles


The limited right to cancel clause which seems to be the only place on the contract...states that if they cannot assign the contract etc...I would think this is the part of the contract that relates to contract contingency...but on the contract itself it has that section not check and follws with a N/A. This to me means that this wasn't an open ended contract w/ a contingency and that financing was secured and agreed upon. At the bottom of the contract it states that the seller assigns this contract to AMxxxxcredit financial services

This is a major German automobile company...not a fly by nite..it is a brand new car w/ full mfg warranties etc

 

[justalayman]

The limited right to cancel clause which seems to be the only place on the contract...states that if they cannot assign the contract etc...I would think this is the part of the contract that relates to contract contingency...but on the contract itself it has that section not check and follws with a N/A. This to me means that this wasn't an open ended contract w/ a contingency and that financing was secured and agreed upon. At the bottom of the contract it states that the seller assigns this contract to AMxxxxcredit financial services

that part up there bolded and underlined; that is the part marke N/A? If so, I don't see an out for the dealership. If they think they have one, ask then to show you where on your contract it allows them require you to provide a co-signer or anything else.

 

[Proserpina]

Paystubs were provided..just started medical disability 2 weeks prior..Even a paystub with very little income from the employer was provided. This was all they asked for to provide income verification. It was made very clear upfront that the medical leave just started and caution was used to ensure they understood that...they kept saying that there was no problem...

I am not sure if the dealer called the DMV..they did call my insurance company to switch automobiles


The limited right to cancel clause which seems to be the only place on the contract...states that if they cannot assign the contract etc...I would think this is the part of the contract that relates to contract contingency...but on the contract itself it has that section not check and follws with a N/A. This to me means that this wasn't an open ended contract w/ a contingency and that financing was secured and agreed upon. At the bottom of the contract it states that the seller assigns this contract to AMxxxxcredit financial services

Is this SSDI or employer disability pay?

 

[Ohiogal]

You must likely signed a piece of a paper that they didn't give you a copy of stating that if financing fell through, you would be charged a "rental" fee on the car of x per day or x per mile. Many dealerships in Ohio do this.