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Roger
Roger, Attorney
Category: Legal
Satisfied Customers: 31015
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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You answered my question below, and I understand your answer

Customer Question

Roger you answered my question below, and I understand your answer but to add to the situation, they sold our car to someone else. What can we do about that? Thanks. My wife purchased a new car about 10 days... My wife purchased a new car about 10 days
ago. The car dealer told her she had financing threw a credit union for a 3.5 APR. We traded our old car in the transaction, got the new car, signed the loan papers and drove home. Now it is 10 days later and the dealer called and said we don't have financing
and want her to come up with some additional information. Can we sue them or what approach can we take? 05 October 2015 03:01 05 October 2015 03:10 Roger Roger Consumer Protection Lawyer Hi - my name is ***** ***** I'll be glad to assist. The bot***** *****ne in
regard to your options is that you must read the contract......including the fine print. My guess is that the contract allows for a period of time for the loan to be fully approved -- these periods are usually 30 days. Thus, even though all the paperwork was
signed, there is a great likelihood that the contract included language allowing the lender to rescind or rewrite the loan. Thus, you really should be aware that the LENDER -- NOT THE DEALER -- would be behind an overturned loan decision. Thus, the dealer
would be just as upset about this as you are........the dealership thought it had a sale, and if you have to return the car, the dealer will have to absorb the depreciation. So the dealer badly wants this sale to go through, too. That said, you would likely
be able to return the car and take yours back IF you don't want to pay additional money to make the deal work.
Submitted: 1 year ago.
Category: Legal
Expert:  Roger replied 1 year ago.

That does complicate matters for sure. IF your contract says that the sale is open for 30 days, then the dealership is liable for jumping the gun and selling your trade-in before the deal was final. You would have the right to sue the lender to reverse that sale OR have the dealer give you a similar vehicle......it could also be leverage that you could use to make the dealership forget this extra money they're seeking and let the deal go through (they'd likely eat less cost by absorbing this amount they want from you vs. getting into a legal battle over this ball of yarn.

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