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Mpossible · Mar 30, 2007, 03:14 PM

What is the Statute of Limitations on a new car loan? Can the bank pull out of an agreement for a car because they simply "changed their mind," after I've had the car for a whole month? Can they solicite more money from me in order for me to keep the car? Can they reposes the car if I haven't breeched my contract and my first payment isn't due?

Fr_Chuck · Mar 30, 2007, 04:35 PM

What is the terms to the loan,

But normally once you and the bank both sign the loan and they pay the money, it is a firm deal and they can not change the terms.

I would say if this is a real bank, there has to be more to this story, what is their reason, was there some "fraud" or "mis-statment" that could effect the terms of the loan.

If you told me a collection agency, if you told me a buy here pay here place, if you said a title loan place, I would believe you, but banks are very regulated and I just don't know them to do any fraud on loans.

Mpossible · Mar 30, 2007, 04:54 PM

The dealer ship told me that I was approved and then today the finance department of the dealership said that they wanted more money for a down payment. They said they wanted 1000 more because the bank decided they didn't want to loan to me under the original conditions of the first loan. Everything on my app was confirmed. I sent all of the necessary paper work they need. Nothing was misstated or fraudulent It was a Toyota Dealership.

ScottGem · Mar 30, 2007, 06:01 PM

This sometimes happens. A dealership thinks they have confirmed financing so they let the car go and then the lender doesn't follow through.

What you need to do is read the actual documents you received. Its possible there is no promissory note signed. If not, then its possible that they can repo the car if you don't obtain financing.

There is no Statue of Limitations here. Nor may there be any fraud. Maybe just over confidence on the part of the dealership.

excon · Mar 30, 2007, 06:06 PM

Hello M:

Personally, I think there are shenanagins going on. Car dealerships make more money on financing a car than they do selling it. I know you signed a loan agreement. I know the dealership did too. I'd get an attorney.

excon

Fr_Chuck · Mar 30, 2007, 06:36 PM

Yes sadly I know of this happening, the loan people at the dealership "pre approve" the loan and do the paper work, but then it is not accepted at the bank. I would say that you need to go talk to the finance manager at the dealership, since they are in the middle of this.

At the closing of the deal you would have received an exact detaled list of costs, payments, interest and everything, if the dealership lied on this, it is very possible you can come back against them.