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re: Did I just get a free truck?
Posted on 9/16/14 at 1:34 pm to bubbz
Posted on 9/16/14 at 1:34 pm to bubbz
quote:
The only loophole he has is if the CU bounces the contract back and the F&I manager can't find other financing. At that time they would request for the vehicle to be returned.
This is correct. Dealers do this all the time where they have you sign all the paperwork and send you home with the vehicle thinking that you have bought it, all the while they are still working on getting the financing complete.
In reality, the deal is not "sold" until they find a financier to buy the loan. If they can not get the credit union (or alternate bank) to give the loan, and you do not agree to the credit union's proposed terms, then you will have to take the vehicle back.
This post was edited on 9/16/14 at 1:36 pm
1
Posted on 9/16/14 at 1:36 pm to AnonymousTiger
Like somebody else stated, it usually happens on a weekend or after hours. If you have good credit, etc. and are the dealer is shopping out the loan there is a very slim chance it will ever bounce.
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