Can a car dealership break a sales contract after it has been signed by both parties just because they are unable to sell the contract out to a bank?
I purchased a car on Saturday. I traded in a vehicle with negative equity in it. The negative equity was rolled into the new loan. The sales contract shows what they gave me for trade in, shows the remaining balance (negative equity), shows that it was rolled into new vehicle, and it has all the financing terms on it as well (i.e. term length, payments, interest rate). On Wednesday, the dealership calls and says without an extra $4000 down, they can't get the financing so I have to bring the car back and pick back up my trade in vehicle. This is a reputable dealership, it's not a "Mom and Pop," dealer that you would think of when dealing with shady dealers. Nowhere on the sales contract does it state this is dependant upon seller obtaining financing. They knew what my credit was - they pulled my credit report. They knew the amount of negative equity - they pulled the payoff balance for it. I don't think that I should have to suffer just because they made a bad decision in choosing to offer these terms to me. We both signed the contract, and I think that they should have to either bite the bullet on the needed down payment, or figure something else out. Am I wrong?
I purchased a car on Saturday. I traded in a vehicle with negative equity in it. The negative equity was rolled into the new loan. The sales contract shows what they gave me for trade in, shows the remaining balance (negative equity), shows that it was rolled into new vehicle, and it has all the financing terms on it as well (i.e. term length, payments, interest rate). On Wednesday, the dealership calls and says without an extra $4000 down, they can't get the financing so I have to bring the car back and pick back up my trade in vehicle. This is a reputable dealership, it's not a "Mom and Pop," dealer that you would think of when dealing with shady dealers. Nowhere on the sales contract does it state this is dependant upon seller obtaining financing. They knew what my credit was - they pulled my credit report. They knew the amount of negative equity - they pulled the payoff balance for it. I don't think that I should have to suffer just because they made a bad decision in choosing to offer these terms to me. We both signed the contract, and I think that they should have to either bite the bullet on the needed down payment, or figure something else out. Am I wrong?
