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I signed a retail installment contract with an rv dealer for…

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I signed a retail...

I signed a retail installment contract with an rv dealer for a "new" 2014 fifth wheel trailor on march 12 2018. It has been over a week now and they are saying they are having trouble getting a credit approval for me. When i signed the contract there was an interest rate on it along with a 12 yr payment period. I checked the NADA value of the rv and it came up as about $34,000.00. The contract price of the rv is $41,787.00. I am wondering if that is the reason they cannot get it finananced. Do I have any

Lawyer's Assistant: What state is this in? And how old is the RV?

Ny the rv is a new 2014

Lawyer's Assistant: What steps have you taken so far?

None

Submitted: 5 months ago.Category: Consumer Protection Law
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Answered in 2 minutes by:
3/20/2018
Consumer Protection Lawyer: Barrister, Lawyer replied 5 months ago
Barrister
Barrister, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 43,055
Experience: Attorney,17 years experience in consumer protection areas
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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I think your question got cut off in posting... if you can repost it, I will try to help..

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thanks

Barrister

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Customer reply replied 5 months ago
Is there anything that I can do
Customer reply replied 5 months ago
do I have any legal options.
Consumer Protection Lawyer: Barrister, Lawyer replied 5 months ago

Is there anything you can do about what... getting financing... getting out of the contract.... negotiating a lower price..??

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Consumer Protection Lawyer: Barrister, Lawyer replied 5 months ago

Ok, in a vehicle purchase, there are typically two separate contracts that are entered into by the buyer. The first is the purchase contract that says that the buyer will buy the vehicle from the seller for a set price. The second is the financing contract that states how the buyer will pay for the vehicle. They are not dependent on each other and if the financing falls through, the buyer is still responsible for paying for the vehicle either by financing through the dealer or by obtaining their own financing elsewhere.
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Standard contract language says that financing is subject to third party approval. If your contract states something like that then you would not have recourse. In a situation like this, when the buyer signs the purchase contract, they are bound to buy the vehicle.

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The point to remember is that the dealer merely sold you the vehicle. Financing is generally not handled by the dealer ... the dealer merely helps you obtain financing as a courtesy. Accordingly, if financing falls through, then that is an issue that the buyer has to resolve on their own with alternate financing..

Whether financing is through someone the dealer contacted or through the buyer's lender, the contract is binding. There is no right of rescission in a vehicle contract unless it is expressly stated in the contract.

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However, you should check the contract, because it is possible that the dealer guaranteed financing at a certain rate. If the dealer did that, then it must give you that financing or it would be in breach of contract.
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Accordingly, your recourse depends on exactly what you and the dealer agreed to in your sales contract.

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,

thanks

Barrister

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Customer reply replied 5 months ago
If the rv is only worth $34000 and they are trying to get financing on it for $41000, it is my thinking that no bank would do that.the interest rate and amount to be financed is on the contract
Consumer Protection Lawyer: Barrister, Lawyer replied 5 months ago

That may be correct.. but the RV book is probably not taking into consideration that it is brand new...not used.

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But the issue is that the sales contract and financing contracts are two separate contracts... With that said, it is probably pretty unlikely that the dealer is going to sue you if you can't get financing because they won't want to spend thousands on an attorney..

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Typically, they will either try to get financing at a higher interest rate, or they may have to come down on the price some to get the deal done..

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thanks

Barrister

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Customer reply replied 5 months ago
thank you for your help.
Consumer Protection Lawyer: Barrister, Lawyer replied 5 months ago

You are very welcome. Happy to help any time.

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It was my pleasure to work with you and help with your question. If you ever need me in the future, you can post a new question with "For Barrister" in the title and the JustAnswer employees will get it to me.

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If you feel I have answered all your questions, I would very much appreciate a 5 star rating by clicking on the rating scale on your screen as that is the only way I receive credit for my work.

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Thanks much

Barrister

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