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Good afternoon. Was there anything in the contract that said that if financing did not work out you would agree to put more down? Was the sale conditioned upon financing?
Thank you for the reply. It is not uncommon for some dealers, to allow a buyer to take a car, with financing still going through the underwriting process. If you review everything that was signed, there should be language which states that if you are not approved, the vehicle would need to be returned and your down payment would need to be refunded. They should disclose to you what the issue was and if this can not be worked out, refund the money and take the car back. The contract controls, so you are not forced to give them any more money but do need to read ALL the fine print and see if it indicates anything about the final sale being conditioned upon final approval and/or returning the car if not.
If you want to try and keep the car, you can try and obtain financing on your own. If that is not possible, the vehicle would need to be returned and they would need to refund you the money. They can not keep your deposit or profit off of you, if they could not get you financing.
I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!