My jurisdiction is: fFL
I need quick advice please. On 10/18/08, I had taken my son to purchase a car at a well known dealership. I was asked to co-sign because of his income. I did advise the dealership that I had just purchased a used car 2 months ago that I am financing. We were approved (so we thought) for the car and signed all the necessary paperwork with the name of the company that was going to finance the vehicle. My son wrote a check for $1100.21 as a down payment and we were able to take the car home. The next day (Sunday), we received a call that there was a problem with the check (told because he didn't write many checks and the system wouldn't clear it) we needed to bring a cashier's check or cash on Monday. I took them $1100.21 in cash and asked for a receipt. He said that the sales agreement was the receipt. On Tuesday, we received another call from the dealership (after I placed the car on my insurance with the finance company's name as the lien holder) stating that the finance company did not approve the loan and I needed to try and get a loan through my credit union. I already have a loan with a finance company for my Toyota and am sure that I will not be approved for a second loan for a car. What are my options? Do I have to return the car, or are they obligated to stick to the signed contract. They even have the percentage that I have to pay on the car to the finance company on the contract. How could this not be approved if it's all in the contract? Please help.
I need quick advice please. On 10/18/08, I had taken my son to purchase a car at a well known dealership. I was asked to co-sign because of his income. I did advise the dealership that I had just purchased a used car 2 months ago that I am financing. We were approved (so we thought) for the car and signed all the necessary paperwork with the name of the company that was going to finance the vehicle. My son wrote a check for $1100.21 as a down payment and we were able to take the car home. The next day (Sunday), we received a call that there was a problem with the check (told because he didn't write many checks and the system wouldn't clear it) we needed to bring a cashier's check or cash on Monday. I took them $1100.21 in cash and asked for a receipt. He said that the sales agreement was the receipt. On Tuesday, we received another call from the dealership (after I placed the car on my insurance with the finance company's name as the lien holder) stating that the finance company did not approve the loan and I needed to try and get a loan through my credit union. I already have a loan with a finance company for my Toyota and am sure that I will not be approved for a second loan for a car. What are my options? Do I have to return the car, or are they obligated to stick to the signed contract. They even have the percentage that I have to pay on the car to the finance company on the contract. How could this not be approved if it's all in the contract? Please help.
