Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

i traded in a car last week for another.i was approved with ...

Customer Question
i traded in a car...
i traded in a car last week for another.i was approved with the financing signed a contract and left with a different car. The car dealer called me yeaterday to tell me that the creditor said i needed to give them more money to approve the loan. I was approved on my initial visit then a eweek later i,m not what is my legal stance on this?
Submitted: 9 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 13 minutes by:
2/2/2008
Tax Professional: Ed Johnson, Tax Preparer replied 9 years ago
Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10,760
Experience: GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
Verified

DearCustomer

If you signed a contract with terms, and that contract had language such that it was impicite that the deal was based on securing financing, then you have to come up with the money. This is because many lenders will not make the loan if you are not at risk for a certain amount of the car...meaning 80% or so. That amount depends on your credit.

If now they say you have to come up with some money,and the loan was approved, and signed for, then this changes the terms of the contract, and you would normally have the benefit of saying, I do not like your terms of the new congtract, and give the car back.

But what is sticky here, is that I have no idea of how your loan arrangements went and how that was represented.

For example: some loans are not really approved, and the car agent mis-represents the lender by telling you it was approved...did you really see an approved loan?

This is a type of bate and switch operation, perhaps...and if it is, then contract is voidable.

This dealer is not likely to let you turn the car back...and so if you want to keep the car, then you must ensure your money is being used as a down payment.

For me, it is just a car...I will walk away from any car if I am being frauded....I would hire an attorney to deal with these guys. I have had clients who actuall ended up getting the car for nothing.

While that is not likely going to be your outcome, I think you stand to recover some cash, get them to stop, or void the contract so that you have a chance to walk away.

Ask Your Own Tax Question
Ask Ed Johnson Your Own Question
Ed Johnson
Ed Johnson
Ed Johnson, Tax Preparer
Category: Tax
Satisfied Customers: 10,760
10,760 Satisfied Customers
Experience: GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee

Ed Johnson is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I looked at my credit report and the irs is still on there
i looked at my credit report and the irs is still on there but have been paid. it says released. i no longer owe since 2016. can it please be removed. … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
64 satisfied customers
My question is: Is the foreign tax credit 100% Offset to the
Hi, my question is: Is the foreign tax credit 100% Offset to the Alternative Minimum Tax, if there are only foreign income? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
I would like to inquire about my extra benefits because of
I would like to inquire about my extra benefits because of my military service. … read more
taxmanrog
taxmanrog
Master\u0027s Degree
776 satisfied customers
Lane, would there be an easy way (or benefit) from a tax
Lane, would there be an easy way (or benefit) from a tax burden standpoint for my employer to make me a shareholder of a small portion of the company. We had spoken earlier of him providing me a 1099 … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Employee Benefits - An employer has 12 employees and is
Employee Benefits - An employer has 12 employees and is going to pay 100% of disability insurance for each employee. 1. Does this amount need to be added to employees gross pay? 2. Is employer allowed… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I applied for social security benefits on December 29/2017.
I applied for social security benefits on December 29/2017. I am 66 and my birth date is 08/08/51. I received on January 3rd a deposit for the back ss from August ,2017 to December 2017. Is the deposi… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Has the disabled tax credit been changed? In the beginning,
has the disabled tax credit been changed? In the beginning, type 2 diabetes was used as an example of a disabilty that would be approved. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,804 satisfied customers
I received Social Security Benefits for my wife for the
I received Social Security Benefits for my wife for the years 2013 to 2017 retroactively in 2017. Amount of $61,503. Can I income average? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
This is in regard to social security benefits. I am realtor
This is in regard to social security benefits. I am realtor who whas been working since 1998. I made the mistake of not preparing the 1040 every year, but paid my taxes. Social security does not want … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Define benefit plan: Is there a difference between a plan
Define benefit plan:Is there a difference between a plan document and annual summary report for 401K and Defined benefit plan… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,804 satisfied customers
What are the benefits of claiming yourself as a business for
What are the benefits of claiming yourself as a business for an adult foster home versus not … read more
Carter McBride
Carter McBride
LLM
262 satisfied customers
Employer wants to add benefit: contribution to employee's
employer wants to add benefit: contribution to employee's Roth IRA. For income tax purposes, does it matter to employee whether they cut a check to employee vs. report it as a payroll deduction?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Do i qualify for social security old age benefits? and do I
do i qualify for social security old age benefits? and do I qualify for Medicare and supplemental benefits under a Medicaid-medicare advantage plan sponsored by United Healthcare.?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Do i qualify for social security old age benefits? and do I
Second opinion] do i qualify for social security old age benefits? and do I qualify for Medicare and supplemental benefits under a Medicaid-medicare advantage plan sponsored by United Healthcare.?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,804 satisfied customers
I had a question about taxation of a Veteran's Benefit
Good afternoon, I had a question about taxation of a Veteran's Benefit situation. … read more
abci168
abci168
Principal
27 satisfied customers
Are death benefits taxable in the state of Oregon? My wife
Are death benefits taxable in the state of Oregon? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Energy Credits - Please confirm that energy tax credits have
Energy Credits -Please confirm that energy tax credits have expired at end of 2016. Are there any credits for residential HVAC for 2017 tax year?Thanks, JW… read more
abci168
abci168
Principal
27 satisfied customers
Federal Tax Credit or NC Tax Credit For 2017, is there any
Federal Tax Credit or NC Tax CreditFor 2017, is there any type of tax credit for replacing a roof on a historical house (1870)? It is primary residence. They will either replace the roof or do "hydros… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,804 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x