Pre Owned Car

[quila53089]

Jurisdiction

Georgia

So i purchased a used 2016 Chevy Trax on May 14, 2018. I signed a contract and all and even traded in my 2008 Alitma. So i have had the car for about two weeks and the dealerships calls and says i need to come in because the bank backed out the deal but good news she has me another bank and my payments will be lower. to make a long story short went back and they are actually wanting the car back because they stated my trade in has more owed on it then what the bank wants to offer for it. What should i do?

 

[army judge]

Nothing you can do, if you can't be financed.

You return their car, retrieve your car.

 

[mightymoose]

Your contract likely has language about a time period after signing in which modifications can be made. Read over yours or have an attorney review the sutuation to determine what you might be obligated to do.

Have you already returned the vehicle?

 

[quila53089]

Your contract likely has language about a time period after signing in which modifications can be made. Read over yours or have an attorney review the sutuation to determine what you might be obligated to do.

Have you already returned the vehicle?

No they told me I could keep it until my other car comes back but I looked over my contract and it says no cooling off period

 

[quila53089]

Nothing you can do, if you can't be financed.

You return their car, retrieve your car.

But y would they have me sign a contract n go through all three trouble of sign everything n even transferred my insurance over never heard of it taking 2 wks for a credit application to get approved or letting someone driven off with the car without approval

 

[army judge]

never heard of it taking 2 wks for a credit application

Credit approval can often take a month or even six weeks, if the dealer has trouble getting you financed.

Lenders are often reluctant to finance used cars.

You might try obtaining financing on a new car, which can be easier to obtain.

If your FICO score is less than 680 these days, many lenders won't touch you.

You can try another dealership, or see if new car financing cna be approved.

Insurance must be on any vehicle that leaves the dealer's lot, that has nothing to do with getting a lender to approve you.

You could seek your own financing, which is often cheaper than dealer financing for some people.

 

[adjusterjack]

But y would they have me sign a contract n go through all three trouble of sign everything n even transferred my insurance over never heard of it taking 2 wks for a credit application to get approved or letting someone driven off with the car without approval

It's a common car dealer scam. Read about it.

Financing Fell Through Scam (aka Spot Delivery Scam)

I can almost guarantee that whatever the new deal will be it might look good to you but it won't be.

I suggest you carefully verify everything the dealer is telling you and see about getting your own financing elsewhere.

 

[quila53089]

Thank u