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Posted on 8/2/15 at 1:04 pm to TSLG
Financing may have been approved at time of sale, but it is still contingent on said lender to do due diligence (employment verifications, insurance, proof of income, etc). Lender can still deny loan even after approval if they see fit.
The sale is void due to lender denying loan after mistakes were discovered. If they cannot find a lender that will pick the deal up, you need to bring back the car.
I am a lender and I deal with these types of things everyday in this exact business.
Also, you can always call the lender with whom it was approved with and see if the dealer is lying. If they are then it's basically you vs the dealer.
The sale is void due to lender denying loan after mistakes were discovered. If they cannot find a lender that will pick the deal up, you need to bring back the car.
I am a lender and I deal with these types of things everyday in this exact business.
Also, you can always call the lender with whom it was approved with and see if the dealer is lying. If they are then it's basically you vs the dealer.
This post was edited on 8/2/15 at 1:07 pm
Posted on 8/2/15 at 1:10 pm to TSLG
I am not a lawyer but in my opinion if the deal is signed and the financing has gone through,the car dealership is screwed.
Posted on 8/2/15 at 1:13 pm to TSLG
Financing is not actually approved until the bank picks it up.
Tell your buddy to go to one of their competitors and I bet he can get a very similar deal.
Tell your buddy to go to one of their competitors and I bet he can get a very similar deal.
Posted on 8/2/15 at 1:23 pm to bubbz
quote:
Also, you can always call the lender with whom it was approved with and see if the dealer is lying
This is a great idea. Sounds like a scam to me
Posted on 8/2/15 at 1:51 pm to Old Sarge
Dealer and buyer signed a sales contract disclosing a final price. Lender approved. Deal should be considered closed.
The dealer made an expensive mistake. Perhaps they should be more careful regarding rebate start/end dates.
Posted on 8/2/15 at 1:55 pm to BRL79
quote:
Actually, most bailments also state that the customer has x amount of days to bring the vehicle back if financing falls through. After that timeframe the dealership can charge a daily fee plus mileage charge like you would a rental car. If the binder does in fact state this the customer can be sued for this amount to cover the value loss. Bottom line, don't be a little bitch, bring the vehicle back.
Nope. It is against the law, in Louisiana, for a dealer to charge mileage when financing doesn't go through (spot delivery). They can however simply repossess the vehicle.
Posted on 8/2/15 at 2:02 pm to TSLG
The deal was made for a certain price between dealer and customer. The mistake that the dealership is not getting x amount of money from the factory should not fall to the customer, in my opinion. Why would the dealership assume that the customer even wants to finance an additional 10k?
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