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Bought car from dealership that took care of financing arrangements - All payments timely made old vehicle traded - Dealership now trying to repo says bank did not approve finance What remedy -AZ?

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2005-09-21 13:43:03
2005-09-21 13:43:03

Tell the dealership to give you your old car back and any money you gave them then you will give them their car back.You might want to consult an attorney.

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IT depends on the dealership you go to and your financing plan, but it's usually around 300-400 a month.

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If a car dealership has a lean on your car and you have not made the required payments they may repossess your car.

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I dont see why not. The dealership gets their money from the company that financed the car. You arent paying tge dealership, you pay the financial institution. Problem is, if you're behind on payments, that will not help you to get another vehicle.

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The answer depends on who loaned you the money to buy the car. The answer is yes if the dealer does his own financing. I think most dealers arrange financing with a bank or loan company. If that is the case, you make you payments to them.

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The DEALERSHIP won't repossess the car, but the lender might if you don't make the monthly payments as scheduled.

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Auto financing is a type of loan. An automobile loan company or bank will lend the individual money, directly to the car company, to finance the purchase of the vehicle. The individual then pays the loan, plus interest, directly to the car company. Many dealerships have financial services on site so that the buyer may get the loan through one of dealership's partner companies. The loan is never directly given to the individual. It is given to the dealership. All payments are then made directly to the dealership or the financing agency.

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If you mean can the dealership take your car, if you don't make your payments. Yes. Usually the finance company will take your car, because the dealership has already passed your account to the finance company. If you have made a deal for a car that the dealership later discovers you don't meet the financial criteria, they will take your car back and offer you a lesser model for deal that suits your budget better.

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If a car dealership files for bankruptcy, someone will purchase the accounts receivable as part of the bankruptcy settlement. That person or company should contact you and tell you where to make payments.

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The father's auto dealership failed and he could not make the payments.

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A lot of different men and women have the belief that not having any credit means that they will not be able to obtain the financing that they need in order to purchase a vehicle. However, this is not always the case. When you are interested in purchasing a used vehicle there are a few different things that you should be able to do in order to finance your used vehicle with no credit. For example, there are many different used vehicle dealerships that will offer men and women financing without any credit. This normally requires a down payment.Finding a DealershipBefore you can obtain the financing that you are looking for, you will need to find a dealership that offers such financing. It is a good idea for you to try to go to different used vehicle dealerships in your area. Ask about any in-house financing that they might offer. Once you find a dealership that is willing to work with you, you will be able to look for a car that you want from that dealership. Remember to ask about the down payments that you will have to pay in order to obtain financing with no credit for that vehicle. Down payments are rarely over $2,000. It might be based on a percentage of the total price of the pre-owned vehicle.Getting the Down PaymentOnce you have a car that you know you will be able to afford in mind, you will need to save money in order to make the down payment. This might require you to take advantage of money saving tactics. However, if you have the down payment that is needed, you can give it to the dealership. This is when the financing paperwork begins.Car InsuranceYou will not be able to obtain your vehicle until you have insurance for that car. This means that you will have to go to your car insurance provider and purchase a car insurance policy. Once this has been done, you need to take your proof of insurance to the car dealership.

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The dealership and the lien holder may be one and the same entity. In either case, you need to make arrangements with the dealership to accept the vehicle and repay the funder of the loan (either themselves or another finance company). Most likely this will require legal assistance since, once the contract is signed, the onus of making payments is on your shoulders. Good Luck

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The used car dealership probably arranged your loan through some financial institution, and not through itself. Check your paperwork to see where payments should go.

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Generally used car financing requires a credit score of 680 or higher to be sure to be approved and get reasonable rates. If you are obtaining financing directly from the seller/dealership and put down at least 25%, someone with a credit score of 650 should find success. If you don't, however, have the income to support the payments, you WILL be turned down.

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Vehicle financing can be done two ways. You can go to a buy here, pay here car dealership that will sometimes report to credit agencies. If you have good credit, you can finance a car at a larger dealership. Small buy here, pay here lots require a smaller down payment and the monthly payments are not as expensive. You have a choice of when you would like to make your payments during the month depending on how you get paid. Larger car dealers can offer specials to customers on down payments and monthly payments. They will definitely make a report to a credit agency, and the payment will be due at a certain point in the month.

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Typically you cannot transfer the car title because the person who is financing the car doesnt even have the title, the title stays with the bank. Youd have to go to a dealer with the person and have the dealership work that out

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You absolutely can trade in your vehicle even if you are behind on your payments. When you trade a vehicle in the dealership you are purchasing from pays off your previous loan in full, so being behind on your payments will not affect anything other than the total amount due on your car. Of course when the new dealership runs your credit report it will probably reflect that you are currently behind and will also show how many months you are behind.

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Dear Ma and Paw, email me and I'll try to be more specific.. yes they can.. its call the repo man.. its a Huge industry and it does not matter what state you bought a car and what state you live in currently.. They WILL find you, and recover the car for the "ma and pa used car dealership" either the dealership will hire them to go after the car or else the bank that gave you your loan will.. either way. if you don't pay something and make arrangements then you can kiss your car goodbye

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Once in contract with a car dealership you are bound by law to carry out the remainder of the contract and make all payments or face criminal punishment.

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IF you are the REGISTERED OWNWER, NO. You cant steal your own car. They can REPO it.

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So call The Police immediately. And also call your dealership cause you might of gotten it repoed. Behind on your payments?

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The lienholder usually requires it to protect their interest until it's paid off.

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Just becasue the car dealership went out of business does not mean you now own that car. It is more than likely that the finance that was used for your car was provided by another party..... Sadly, you will have to continue making payments

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Types of car hiring services include leasing from your local dealership, in which a person interested in possessing a car would go to their local car dealership and choose one. From there you would make monthly payments on it and in exchange the dealership will service the vehicle up to so many miles that you put on the car. Another way to hire a car would be to rent one.

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Turn it in?? YES sale it to a dealership? YES, IF they pay it off. make payments on the rest?? Maybe, the way to do it is to find a buyer(highest price you can get), subtract what you can get for it from the PAYOFF on the loan, BORROW the difference needed from another source. Then you can payoff the loan, get title to give to buyer, and make payments on a smaller amount that you can handle. This will have to be done with the LENDERs help. Contact the lender and make all the arrangements ASAP after you find a willing and READY (CASH wise)buyer. You will have to convince the lender that you HAVE a buyer and convince the buyer that they will get title,ect to make it work. Good Luck


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