Question: Can I return a car to a dealership if they fail to complete the financing?
April 20, 2005
Hello Tony
I'm sure you hear this a lot, but I WISH I would have seen your site earlier!!
I "bought" my car used from a dealership on 4-2-05. Today (4-20-05), I got a letter in the mail from the bank that was supposed to be financing the loan saying that it was denied. The letter was dated 4-7-05, but I just received it today.
It said that they had not heard back from the dealership about their counter offer, and to call them for details as to why I was denied.
My question is - can I return the car to the dealership because of this? I am a single mom and did get suckered in to some of the things you warn about on your site, so I was wondering if I could return the car and learn from my mistake.
Thank you so much,
Angel F.
Answer:
Hi Angel,
Well, you're right Angel! I do hear that comment a lot!
You need to call the dealership immediately to find out
what is going on. You may be able to return the car...
It depends on what you signed, state laws and a number
of other things.
If the dealer can't get you financed believe me, they'll ask
for the car back.
The dealership may try to get you financed at another bank,
or they may eventually accept the counter offer from the
original bank. In either case, you'll probably have to sign
new bank papers . . . unless they had you sign blanks before you
left. This is a common yet unethical practice that many dealers
do.
So, you need to know what's going on. Call the dealership, and
ask for the Sales Manager. The salesman and the Finance
Manager will double-talk you and confuse you.
The Sales Manager is the person who knows exactly what's going
on. Tell him that if they don't live up to the original deal you signed that you want to return the car. See what he says.
Chances are he'll try his best to talk you into keeping the car.
Just use your head and let him know you will not listen to any
BS! You want the straight truth, or you may have to talk to a
lawyer, the state attorney generals office and the Better Business
Bureau. That should get his attention.
All my very best...
Tony Iorio
For