Question: I purchased a car several weeks ago with $4,000 down. I don't know if the car dealer has arranged the financing yet. What are my options if they can't get me financed?
March 13, 2007
Hello Tony
I just found your website and it is very informative.
I do have one question for you: I recently purchased a used car from a car dealership here in Nevada. I put $4,000 down on a $12,000 car so they should be able to find somebody to finance me, especially at 24%.
I have really bad credit and knew it was going to be tough to get financed, but this car dealer said they could do it. Problem is this; It has been 26 days since I signed papers and I have not heard from anyone, and my first payment is supposed to be due here in 2 weeks.
On the back of the contract, It states that the car dealer has 15 days to get me financed or take the car back. I like the car, and am OK with the deal. What do I do?
If I don't hear from anybody (car dealer or finance company)
what are my options, as I will be out $4,000 and not have legal papers to register or even sell the car.
Please help . . .
Jeff G.
Answer:
Hi Jeff,
You had better contact someone in authority at the car dealership like the Sales Manager or the General Manager and find out what's going on.
Don't waste your time talking to the salesman or the Finance Manager, because they will probably give you a run-around. If they can't get you financed tell them you want your $4,000 back and you'll give them the car back.
If it comes to this take the $4,000 and go find something decent and pay cash for it. Forget about financing a car if your credit is that bad.
All my very best...
Tony Iorio
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