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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Finance
Satisfied Customers: 41220
Experience:  NASD Licensed Rep, 1997-2001, Business Attorney
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Daughter fell prey to a yo-yo deal. She has had vehicle for

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Daughter fell prey to a yo-yo deal. She has had vehicle for 2 days. Is there a time frame for a dealership to tell her if she has been approved or not?
To maybe keep things hassle free, she would like to tell them ..if they can't come up with financing then she doesn't want the vehicle.
Thank you for your question. Please permit me to assist you with your concerns.

If I may ask, did your daughter take full delivery of the vehicle, meaning that she signed off for it? Also, in what state did this transaction take place in? Laws on such sales differ from state to state. Please advise!
Customer: replied 2 years ago.
Yes daughter has vehicle in her possession. She has a signed sale contract. She is waiting for financial approval. She also traded in a vehicle. The State is Az.

Anita,

 

Until a loan is secured, the contract is not finalized. Right now the deal is 'subject to' approval. Therefore it is really wise for your daughter to contact them and formally (meaning in writing) get a date by which time the loan would either be approved or denied so that the contract could either be finalized or rescinded. There is no law requiring a deadline, but your daughter can create such a condition under contract by getting such terms in writing, which would then be enforceable against the dealership.

 

Hope that helps.

Dimitry K., Esq. and other Finance Specialists are ready to help you
Customer: replied 2 years ago.
Can I pay you to write a form letter?
Anita,

I apologize but I cannot really provide you with such a service. While I can hep you edit your own letter if you choose to design one, creating such a letter may be considered representation and would violate my own site rule limitations.

Hope that helps.
Customer: replied 2 years ago.
I understand. Thank you.