Bought a car - Nightmare!

[Jonathan33647]

Jurisdiction

Florida

I traded my vehicle in on May 25th, paid the down payment, signed the contract etc. The loan was rejected because the Chevy dealer didn't submit the proof of income. I went back to the dealer, provided them the information, and now the new car (which I have had since May 25th) still is not financed, and the old car is no longer in my possession. The dealership also does not have my old car and that particular loan has not been paid off. Basically, I am still paying on a vehicle I don't own anymore, and driving a vehicle that is not financed. I have contacted the dealership on several occasions and was advised no news is good news in relation to the funding. What recourse do I have?

 

[army judge]

Read EVERY WORD of EVERY DOCUMENT related to your transaction and intended purchase.

In short, you're involved in a RENTAL of sorts, unless financing is obtained.

If you want the new car, I suggest you obtain your own financing.

In many cases, financing is never obtained.

That's when the "super secret surprises" are revealed to the purchaser or renter.

Bottom line, being in limbo is never a good thing, mate.

 

[jayh991]

You need to read the contract. It's difficult to offer proper advice without the contract.

Did you trade in your old car?

Did the dealership give you some amount of credit based on its value?

Why is there still a loan on the trade-in?

 

[Betty3]

I traded my vehicle in on May 25th, paid the down payment, signed the contract etc. The loan was rejected because the Chevy dealer didn't submit the proof of income. I went back to the dealer, provided them the information, and now the new car (which I have had since May 25th) still is not financed, and the old car is no longer in my possession. The dealership also does not have my old car and that particular loan has not been paid off. Basically, I am still paying on a vehicle I don't own anymore, and driving a vehicle that is not financed. I have contacted the dealership on several occasions and was advised no news is good news in relation to the funding. What recourse do I have?

You start off saying you traded in your vehicle on 5-25 & later you do say the old car is no longer in your possession. However, you also say the dealership also does not have your old car. Where is it? Did the dealership sell it already?