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Barrister
Barrister, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 33705
Experience:  Attorney with 15 years experience in various consumer protection areas
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Purchase a new car on Saturday, with a trade in of old

Customer Question

Purchase a new car on Saturday, with a trade in of old vehicle, 19000. Plus 28,000 pay, on Monday I am terminate from job, and the bank call the dealership, that I am not employed, do I get trade in back?
Submitted: 9 months ago.
Category: Consumer Protection Law
Expert:  Barrister replied 9 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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do I get trade in back?

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Unfortunately, that is very unlikely. In a vehicle purchase, there are typically two separate contracts that are entered into by the buyer. The first is the purchase contract that says that the buyer will buy the vehicle from the seller for a set price. The second is the financing contract that states how the buyer will pay for the vehicle. They are not dependent on each other and if the financing falls through, the buyer is still responsible for paying for the vehicle either by financing through the dealer or by obtaining their own financing elsewhere.
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It is common practice for dealers to do this, but the contracts generally always make it clear that if financing cannot be obtained, then the car will need to be returned. Standard (boilerplate) contract language says that financing is subject to third party approval. If your contract states something like that then you would not have recourse. In a situation like this, when the buyer signs the purchase contract, they are bound to buy the car. The point to remember is that the dealer merely sold you the vehicle. Financing is generally not handled by the dealer ... the dealer merely helps you obtain financing as a courtesy. Accordingly, if financing falls through, then that is an issue that the buyer has to resolve on their own with alternate financing..

Whether financing is through someone the dealer contacted or through the buyer's lender, the purchase contract is binding. There is no right of rescission in a vehicle contract unless it is expressly stated in the contract.

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I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...

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thanks

Barrister

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