Need...much needed...advice

[sweetaskaine]

I went and traded in my car for a different vehicle. I was approved for a loan, or thought I was, signed contracts, got thirty day tags and took my new car home. The contracts I have are the basic loan contracts and other papers. I have them still in a sealed envelope that the dealership gave me. I did all this on 9-16-06. Well, on 9-29-06, the dealership called and said I need to bring the vehicle back and I have to take the one I traded in. They said the bank declined the loan. I felt that if I had signed all them papers, I have how much my car payment was going to be, when it was due, and all the other things I had signed, the car was mine. I can't understand how they can call 2 weeks later and want the car back. I also am now behind on the on the vehicle payment I traded in. I feel they should have to pay for that too. Does something sound fishy to you?:

 

[Michael Wechsler]

I went and traded in my car for a different vehicle. I was approved for a loan, or thought I was, signed contracts, got thirty day tags and took my new car home. The contracts I have are the basic loan contracts and other papers. I have them still in a sealed envelope that the dealership gave me. I did all this on 9-16-06. Well, on 9-29-06, the dealership called and said I need to bring the vehicle back and I have to take the one I traded in. They said the bank declined the loan. I felt that if I had signed all them papers, I have how much my car payment was going to be, when it was due, and all the other things I had signed, the car was mine. I can't understand how they can call 2 weeks later and want the car back. I also am now behind on the on the vehicle payment I traded in. I feel they should have to pay for that too. Does something sound fishy to you?:

Sorry to hear the news. Most important is to look at your agreement. Open that envelope. Take a look to see whether your deal is contingent upon the financing. If you can't find it, call up the dealership and ask them exactly where in the agreement it says that they have a right to terminate the deal. Note, however, that it would make sense that something would have to happen if you were turned down for a loan - after all, someone has to be paid for the vehicle since you didn't.

 

[sweetaskaine]

thanks for all your help. so is it my fault i am behind on the payment on the traded car? should I have to pay that? by the way, i haven't made a payment on the new one...wasn't due for over 2 weeks.