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Can a car dealer change their mind about giving you a loan after you have signed a

This is a discussion on Can a car dealer change their mind about giving you a loan after you have signed a within the General Chat forums, part of the Main Category category; contract? My friend bought a car and has her financing contract. The dealer called today and said they needed more ...





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Old 06-20-2008, 05:27 AM   #1
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contract? My friend bought a car and has her financing contract. The dealer called today and said they needed more verification of her income, and that they were coming to get the car. Can they do that?
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Old 06-20-2008, 06:13 AM   #2
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With a signed contract: I would threaten legal action myself, and see if that solves the problem.
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Old 06-20-2008, 01:45 PM   #3
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I don't think so. If a contract is signed, then both parties are bound to it.

I once forced a dealer to honor an extended warranty on a used car I bought. They came back and told me they made a typo. I told them "tough luck, it's in the contract". They still tried to screw me over, so I got the BBB involved. That pretty much took care of it.
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Old 06-20-2008, 05:18 PM   #4
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YES, they can take the car back ... read ALL of the paperwork that was signed. The car company wants you to fall in love with the car, so it does everything possible to get it out the door PLUS protect themselves. I will bet your friend gave their car as a trade in ... it is now probably sold at auction ... When you read the small print, there will most likely be something that protects the car company and they can get their car back, but there will be nothing in print or in any contract that allows your friend to get their car back. Your friend is stuck purchasing a car from this dealer.

The ONLY resolve I can think of: Since lawyers usually won't scare a car company ... they usually have iron clad contracts on their side. Threaten calling the BBB and tell them you are going to file a complaint with the BBB. The car business SURVIVES on reputation and the BBB will tell too many people not to take care of this problem as soon as possible.

READ BEFORE YOU SIGN ... EVERY WORD!

Good luck
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