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Lawgirl
Lawgirl, Lawyer
Category: Legal
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Experience:  I am an attorney familiar with the above-stated subject matter.
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I RECENTLY PURCHASED A USED 2008 TOYOTA. AFTER DEALING WITH ...

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I RECENTLY PURCHASED A USED 2008 TOYOTA. AFTER DEALING WITH THE SALESMAN FOR 4 HOURS WE AGREED ON A PRICE.WE HAD A CO SIGNER BECAUSE WE HAD FILED BANKRUPTANCY.WE GAVE $1000 DOWN AND TRADED IN OUR OLD VEHICLE, SIGNED ALL PAPERS AND LEFT WITH OUR NEW VEHICLE. TWO WEEKS LATER WE GET A CALL FROM THE SALESMAN SAYING OUR LOAN THAT THEY APPROVED AT THE DEALERSHIP WAS NOT ACCEPTED BY THERE BANK. HOW IS THIS MY PROBLEM? THEY GAVE ME THE MONTHLY PAYMENT QUOTE AND LOAN RATE, OF WHICH I AGREED ON.
Submitted: 8 years ago.
Category: Legal
Expert:  Lawgirl replied 8 years ago.

DearCustomer

Thank you for your question.

Where this becomes your problem is that car purchase agreements that are signed at a dealership, or their counterparts, often give the dealer time to find financing for the vehicle. In the event they are unable to find financing in the requisite time, some agreements give the dealer has an "out" or the ability to modify the contract. You will want to ensure that your contract does not have a provision like this, if it does, you may find yourself force to renegotiate the terms of your contract. If it does not and the dealership will not abide by the terms of your purchase agreement, you may be able to get them for breaching your agreement.

Please let me know if you have any other questions, or require clarification of this matter. Otherwise please hit "ACCEPT", so I may receive credit for my response. Tips and feedback are also appreciated.

Good Luck!

-KAT

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