Used car dealer says financing is approved but 2 weeks later want car back

[BradleyIlmom]

What is the name of your state (only U.S. law)? Illinois If I was told that my loan was approved for the purchase of a used car and I went to the dealership and signed the papers and put a down payment on the purchase can they tell me now that the loan wasn't approved? I signed the contract on May 18 and they called today June 2nd and told us to return the car because they could not obtain financing.What is the name of your state (only U.S. law)?

 

[VeronicaLodge]

what does the contract that you signed say about that? i am sure it is addressed in there. something about them reserving the right to reclaim vehicle and cancel the contract if financing is not approved. if so, then yes they can do that because you agreed to it.

 

[Antigone*]

what does the contract that you signed say about that? i am sure it is addressed in there. something about them reserving the right to reclaim vehicle and cancel the contract if financing is not approved. if so, then yes they can do that because you agreed to it.

You can also attempt to obtain your own financing. Take your contract to your local bank and see about getting a loan.