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Can a Finance company rescind on a pre approve loan. Va. It…

Customer Question
Can a Finance company...

Can a Finance company rescind on a pre approve loan

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Va

Lawyer's Assistant: Has anything been filed or reported?

No.It just happen to me yesterday

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I filled out the app online. They pre approve me for 25,00. Once I once to get specifics. I mention I was buying the car for my daughter. They I could not do that

Submitted: 7 months ago.Category: Legal
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Answered in 5 minutes by:
12/29/2017
Lawyer: Loren, Attorney replied 7 months ago
Loren
Loren, Attorney
Category: Legal
Satisfied Customers: 39,221
Experience: 30 years experience representing clients.
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Thank you for using JA. I am Loren, a licensed attorney for over 30 yrs., and I am here to help.

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Lawyer: Loren, Attorney replied 7 months ago

Was your daughter to be the only one on title? Does she live in your home?

Was the car to be in her sole possession?

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Customer reply replied 7 months ago
No. No. No
Customer reply replied 7 months ago
She was going to use it until she found a car
Lawyer: Loren, Attorney replied 7 months ago

Thank you for the additional information.

If they issued a signed unconditional loan commitment then they would be in breach of contract, and possibly fraud, if the unilaterally withdrew the financing.

Have your attorney send a demand letter and, if they still refuse to complete the transaction then you would have to sue them for breach of contract.

If you prevail in a fraud count, you can be awarded punitive damages and attorney fees.

You should also file a consumer complaint with the Virginia Attorney General's Office.

They will investigate and take administrative action, if they deem it warranted.

If (and only if) you are completely satisfied that your question is answered professionally and accurately, even if not the answer you were hoping to get, please remember to leave a favorable rating (click 5 stars in the rating section on this page). It is the only way that I am credited by JustAnswer for answering your question.

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