New Car Leasing Contract

[scurry]

once a leasing contract is signed stating that you've been approved and you've driven off the lot, can the car dealer call you later saying that you you were never approved and that you need a co-signer?

scurry-chicago,IL

 

[I AM ALWAYS LIABLE]

My response:

Yes, obviously if credit worthiness has failed, for whatever reason, then there is no consideration for the contract, and the contract fails; i.e., void. If the dealership cannot obtain an approval from its "backer" for the loan due to your failure in credit, then the contract must be re-negotiated - - insofar as credit is concerned, and who will back you in the event of default.

IAAL

[Edited by I AM ALWAYS LIABLE on 04-10-2001 at 04:25 PM]