Well there trying to tell me I need to put more money down they called me 5 days after purchasing the car and they told me that my credit was not good enough and only one bank accepted me but they need more money down but this after signing a contract with them saying I will pay etc every month and I put etc down. -Dakota
Alright so I payed the dealership and then signed the documents I never got a loan acceptance they told me I would get the loan and five days later they called and said I was denied by all of there lenders but one and therefore expected me to put down more money
If you never formally obtained a loan acceptance, then your purchase of the vehicle is considered to be 'contingent' on the loan. That means that if the loan is not obtained for any reason, the contract is no longer binding or valid (which means that the dealer can legally demand that you return the vehicle). My answer would be different if the loan was obtained before you drove off the loan and the loan was formally accepted--then you have a binding contract between all three parties (you, dealer, and lender), but so far what you described is just an agreement between you and the dealer that is purely based on the lender's final approval. If that approval was not obtained the contract is not valid, and in that case they can either demand that you return the vehicle, or you both attempt to create better terms for the purchase of the car.
I am sorry.
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