I bought a car and was told my loan was approved. I drove the car home on 10/1/2018, I gave a $2k down payment. Today, 23 days later I am told that the bank who said approved me has backed out of funding my loan so I either need a cosigner or bring the car back.
Is this legal? The contract states the 10 day rule but says nothing else beyond the 10 days. And I never received the notice in writing. I am a single mom who needs a car. Help!
I will reposition this under lemon law. It may be the infamous “yo-yo scam.
Probably not what you want to hear, but if the contract is not assigned to a finance company and you don't want to return the vehicle, then all payments must be made to the dealership and I would make all those payments on time, as they may want to repossess it if you are even a few days late, under the contract due date. Most dealers assign their contracts to some form of financial institution and don't like to be involved in handling monthly payments, verifying insurance has been properly paid, and handling repossession if either are not according to the contract. I would get my money back from the dealer and have them cancel this contract. Bring an adult witness (not a co-signer) to the dealer to witness everything they tell you. I would not involve co-signers, they add another layer of problems if you do a search of questions on Avvo or on the web. You may eventually need the help of a consumer protection attorney.
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Sorry for your issues. There are legalities and there are real world issues. Legally, based on what you've posted, I'd say NO, they cannot take the car back if you perform (pay them) as stated in the contract. Real World, they will almost always do just that, repo the car and try to make your life miserable by selling it and suing you for the entire contract, while you are carless. Seek out a consultation with a consumer protection attorney asap...
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