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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Legal
Satisfied Customers: 41221
Experience:  Multiple jurisdictions, specialize in business/contract disputes, estate creation and administration.
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I bought a car on 9/12/13. Now the dealer has called me back

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I bought a car on 9/12/13. Now the dealer has called me back saying I'm approved by the bank, but they won't accept my income because I get a 1099 so I'm considered self employed so they need the car back. I have a signed contract and they gave me my lien hdet info for my insurance. What can I do?
Thank you for your question. Please permit me to assist you with your concerns.

Did you accurately release and provide your income to the lender while applying for the loan? Is this a used or a new car? Did you buy from a dealer, and if a dealer, was it a proper authroized dealer or a third party dealer? PHave they offered options such as obtaininga co-signer or they simply told you to return the car?
Customer: replied 3 years ago.

Yes, I showed proof of income and explained it.I is a used car bought from a licensed Chevrolet dealership.They asked if we could use my husband also, but he is an unemployed student.

Thank you for your follow-up, Maria.

Did you make any sort of a payment yet toward the loan, or not yet? I ask as that may change my answer to you. Please advise.
Customer: replied 3 years ago.

I made my down payment, but nothing to the bank yet.


In that case I likely have unwelcome news. Typically any sort of an agreement, if not yet finalized, can be potentially rescinded IF there is language to do so. I urge you to review the language under loan to see if they left themselves an opening allowing them to cancel the loan if the financial information upon subsequent review is not valid. If they did, they can refuse the loan, and as a consequence demand the car to be returned back to them.

However, you do have options. If they were well aware of your financial situation and chose to extend credit, the risk is on them and not on you (if that language does not exist). You can therefore threaten them with breach of contract, fraud, misrepresentation, and also with 'bait and switch' tactics that are illegal--in other words you can claim that they promised one set of terms, then when you signed, they changed the rules. That happens to be against the law. Demand a viable conclusion or you will make a complaint against them with your Attorney General's Office, specifically their consumer protection division. The state investigates such claims very seriously, and if they find them to be engaged in such actions, the state may fine them, invalidate your loan so you do not have to pay it, or even take away that business's license to conduct business in your state.

Hope that helps.

Dimitry K., Esq. and 5 other Legal Specialists are ready to help you
Customer: replied 3 years ago.

Thank you very much for your help!


You are most welcome, truly! Glad to help.

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