Ask a Lawyer and Get Answers to Your Legal Questions
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.
Did you sign a written contract to purchase a car and another contract to finance it?
Are you sure that you were approved for the loan?
Or was the loan "upon approval" or " on approved credit" or "subject to approval"?
Have you made any payments on the car?
Ok, if you were approved for financing through your bank, then your bank would have sent the money directly to the dealer to pay for the car. You can't be paying the bank for a loan that was never made..
So if you are paying a monthly payment to the bank, then they made you a loan and that money went directly to the dealer to pay for the car.
The way a lease works is the bank actually buys the car and then you make your lease payments to the bank for the stated lease term. At the end of the lease, you either buy out the car, or turn it back in and walk away as long as you are below your mileage limits and there are no damages to the vehicle.
If you have the car, and are paying the bank the lease payments, then that is normal..
Let me know if something doesn't make sense or I am missing something..
Ok, yes I didn't see anything about that.. it must not have come through..
If you are buying out the leased car, and have signed a written purchase agreement to do so, then that is a legally binding contract. The only way that that you could terminate it would be if the dealer agreed to release you from the purchase contract.
You can cancel the loan if you want if it hasn't funded, but if you signed the purchase agreement, you are obligated to purchase it.
You can refuse and breach the contract, and it would then be up to the dealer whether to sue you or not for breach of contract.
But normally, a dealer won't want to spend several thousand on an attorney and 6 months suing a customer...