Two weeks ago I was approved for a new car from a dealership. I traded in my used car plus gave them cash in the down payment. They tell me that the loan went through, gave me my new 2013 car and gave me all the loan contract paperwork.
Last week I also received a mailed letter from the bank that financed my car. They were congratulating me on the purchase of my new car. They also mailed me the loan payment coupon booklet with my new account number and loan number on it, along with the dates entered of my first 12 payments.
Today I receive a letter from the bank stating that my loan was declined. I was under the assumption that the loan was finalized and if so can they decline it after they agree and finalize it?
I would contact the dealer and ask if they received payment, and whether they have negotiated it. I would also ask whether the car title was applied for and if you are sited as the owner. If you received all the documentation you claim you received, you probably have a good cause of action for breach of commitment. You should contact a lawyer who is a civil litigator. Bring all documentation to the lawyer.
No lawyer-client relationship exists. This answer is intended for discussion purposes only. You must obtain legal advice from your own attorney.