We recently bought a new car, we went in put a doown payment down, got approval from dealership and signed finance contract. They then called and said they could not do what they had said they could do. Then said they were withdrawing their loan approval, and asked could we return the car. I told them no, they madea deal they should stand behind it. Where do we stand legally?

You can be charged with theft of a car. Does that sound reasonable. Why would you argue with that. It is in your best interest to say, thanks, but no thanks and return the car NOW.

Did you go back in and ask questions as to why you were refused, but you must have known why your credit wasn't good.

Hello J:

Well you didn't steal it... But, you didn't buy it either cause you can't get financed. You MIGHT get the dealership to take on the financing themselves IF you force them to. The only way you're going to do that, is to hire a really big, bad and mean lawyer... And, if you could afford to do that, you could probably get financed...

So, even though you're right, you're going to lose.

excon

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Originally Posted by JREEHER19

We recently bought a new car, we went in put a doown payment down, got approval from dealership and signed finance contract. They then called and said they could not do what they had said they could do. Then said they were withdrawing their loan approval, and asked could we return the car. I told them no, they madea deal they should stand behind it. Where do we stand legally?

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The contract is undoubtedly conditioned upon loan approval. The loan was not approved, the contract is void. This is not unusual. I would assume that the auto dealership made several attempts to finance in creative ways - ?

Return the car. It's not a gift.

If you want to spend the time and money attempt to find independent financing.

This is not theft at this point but it could be conversion of their property into your property.

Quote:

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Originally Posted by JREEHER19

We recently bought a new car, we went in put a doown payment down, got approval from dealership and signed finance contract. They then called and said they could not do what they had said they could do. Then said they were withdrawing their loan approval, and asked could we return the car. I told them no, they madea deal they should stand behind it. Where do we stand legally?

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Need more information; I have a salesperson's license so I'll try to answer the best I can but I have a few questions first:

1) Did you receive loan approval from the dealership and sign the paperwork?
2) Why is the dealership trying to retract the agreement? Are they trying to say they "undersold" it?
3) Do you have copies of everything that you signed(purchase agreement, loan paperwork, title, etc.)?