Used Car purchase, dealer called back regarding financing.

[Marilu]

We recently purchase my daughter a 2013 Ford Fiesta CPO with about 15K miles. It has 6 month remaining on the original warranty and an additional 1/12 warranty. We took spot delivery and was contacted by the dealer that the bank that we got approved through needed a copy of my wife's SS card (800 fico), due to an error on their submission. In the interim, my daughter complained of a noise that sounded like cans being crushed from the engine/drive train. We took it to the dealer's service dept. who said it needed a new clutch that wouldn't be available until mid-january and that it ok to drive. It turns out that the Fiesta has hundreds of complaints on this problem, yet refuses to recall this specific transmission. The reason we bought the car was for piece of mind when she goes away to school. They have been calling and emailing for the SS card, but I have yet to respond. I do not want this car and was curious that if I fail to respond to their request, what the ramifications are. Will they request it back, can they repo it. I read in the contract that if they wish to undo the deal I am entitled to my 1K down payment back. This is a FL dealer if that helps. Thanks!

 

[adjusterjack]

Sorry, but you are stuck with the car and need to work with the warranty. That has nothing to do with your financing obligations. Read your loan contract. If you fail to comply with your contractual obligations the car can be repo'd and trash your credit.

However, if the SS card thing is just some dealer BS, it's up to you how to handle it. Check with the finance company as to the status of the loan. Don't believe anything the dealer tells you.

 

[mightymoose]

Just to add.... The repo will trash your wife's credit.
You needed to research the vehicle prior to purchase. Nothing good will come of you trying to back out at this point.
Take advantage of the warranty while you can.

 

[txls]

Of course you can always talk to the dealer and ask them to let you out of the deal. If they are having difficulty getting the financing it's a possibility.