Consumer Protection Law

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I recently purchased a car on Feb 26th. The lender reached…

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I recently purchased a car...
I recently purchased a car on Feb 26th. The lender reached out to me on Wed of last week asking for me to send in my most recent three bank statements. They notified me that they had been uploaded on this last Friday. I am worried for some reason this deal may not go through. Why would they be asking for this now ? The dealership is not sure whats going on, and said they would get back to me tomorrow. I traded in a vehicle in which they have already paid off and Sold. I also put 7500 down when I purchased the vehicle. If this deal falls through at this point, what am I supposed to do ?
Submitted: 3 months ago.Category: Consumer Protection Law
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Answered in 9 minutes by:
3/13/2018
Consumer Protection Lawyer: Olivia Kent,
 replied 3 months ago
Olivia Kent
Category: Consumer Protection Law
Satisfied Customers: 3,651
Experience: Executive Director at Neurogenx Nerve Center of Princeton
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Hello and welcome to JustAnswer. My name is ***** ***** I'm an attorney. Please note this site is for general information for educational purposes only and does not constitute legal advice. Communicating with an expert on this site does not establish an attorney-client relationship. You might be offered a phone call, but you are under no obligation to accept; the phone call requests don’t come from me - they’re offered by the site - but if you do want a phone call I’d be happy to do that as well.
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Unless there is something in your agreement with the dealership which makes purchase contingent upon being able to successfully secure financing you would still be responsible for the purchase even if the leasing company no longer wanted to finance the car for you.

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Customer reply replied 3 months ago
there would be no repercussion on their part for selling my car before this deal was final ? What would happen to the 7500 in cash I put down ? The trade was worth exactly what my payoff was. I also feel like there is a time limit in each state for when deals are required to be funded by.
Consumer Protection Lawyer: Olivia Kent,
 replied 3 months ago

You own the car - right? They can't sell it if you have title.

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Customer reply replied 3 months ago
Well when I signed all the paperwork for the new vehicle and finished up that process, I signed over the title to them for my old vehicle, the lien was then released once they paid it off
Consumer Protection Lawyer: Olivia Kent,
 replied 3 months ago

And I'm assuming you got title to your new vehicle right?

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Customer reply replied 3 months ago
negative, they send that to you once the deal is funded. Literally their procedure is exactly how Ive done it every time I have bought a vehicle. This is the only time tho a lender has reached out after signing everything for additional stips. Normally if bank account info has ever been needed they ask for that up front and before any of the loan documents are signed.
Consumer Protection Lawyer: Olivia Kent,
 replied 3 months ago

Wow, that's a mess... so technically you signed over title so they own it (unless one deal was contingent on the other)

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Customer reply replied 3 months ago
right, which I know somewhere in the paper work it says this deal is contingent upon bank approved financing. Now wether that includes my vehicle being sold, I don't know. However I do have a text message from the dealer saying I was approved.
Consumer Protection Lawyer: Olivia Kent,
 replied 3 months ago

So if your deal is contingent upon bank approved financing if they didn't give you back your car you'd need to sue to compel the return of your car.

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