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Can a used car dealer hold you to a signed contract if the lien holder listed declines you but they say they will in house finance you instead or is a new contract needed?
Wiki User
∙ 12y ago
The dealer cannot require you to accept different terms than those listed on the contract. If you signed a contract for a 5 year loan at 6% interest, they can't change it to a 7 year loan at 20% interest; in that case, you have the right to cancel, since they're not adhering to the original terms.
(If they're trying to do this, you should check with an attorney. In some locations, such as California, the contract is very specific about how much time the dealer has to notify you that the planned loan is declined and offer you another loan, possibly on different terms. If you're not notified within that time period, you technically have the right to insist that they in-house finance it with the terms originally agreed to, though in practice, that usually turns into a game of legal chicken where they threaten to repossess the car if you don't sign the new loan and you threaten to sue them if they repossess.)
However, if they're "in-house" financing you on the same terms that you originally agreed to, then a) yes they can hold you to the contract and b) why do you care who's servicing your loan? You never had any guarantee the lien holder wasn't going to sell your loan to someone else, and as far as you're concerned the only difference is where you mail the checks to anyway.
Wiki User
∙ 12y ago
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Is it a repossession when the bank couldn't finance you and the dealer had to take car back?
GOOD question. Read the contract. Were you in default of it?? Why didnt you TAKE the car back? Why did they have to come get it?
Can you get out of contract of a new vehicle when the contract you signed is not the car?
If the car that the dealer delivers is not the car that is identified in the contract, then the DEALER is in default, not you.
Do buy here pay here need a license to finance?
In my state of TN they only need a car dealers license. The dealer does not need any other type of license to finance his vehicles. A contract between the bhph dealer and the buyer is all that is needed. That is where the terms of the deal are specified. It is a legal contract and enforcable in court.... I own and operate a site dedicated to helping consumers in the BHPH market, it is http://www.thecarmancan.com
Can a CAR dealer repo a car for no insurance?
Usually the lender, not the dealer, will just tack it onto your payments, but yes, you probably signed an agreement to insure contract. However, they do not want the car back, so, most of them will just add it, then ad it to your payment. The dealer, unless it was a buy here, pay here, has nothing to do with the car, once it is financed. The bank owns it, once they finance it.AnswerYep, that's the way it works. Finance Company always requires Full Coverage Auto Insurance until the car is paid off. It's in your finance contract After pay off you can carry just liability if you like.
How do you sue a finance company for over charging and not adding your rebate to your overall charge of your truck?
All of the paperwork for the purchase of a vehicle is usually completed by the dealer. Take your original paperwork(sales invoice and contract) to the dealer and explain it to them. They should have credited the rebate.
Once you have a signed contract from a dealer can the dealer go back on his word?
Once you and the dealer have signed the contract, it is a binding contract agreement and it responsible by law. You can take him to court if he doesn't keep his part of the agreement.
Dealership can not finance car do we have to give it back?
find out another dealer who can finance your car.
If you lease a car and the car gets registered in your name before you take the car home can you change your mind and finance instead of leasing?
A car that is leased is registered in the name of the leasing company. I would talk to the dealer and see if it is not to late to change the contract from lease to retail. You may be out of luck though if it has been to long.
If you sign a finance contract for a car on Saturday and want to cancell the contract on Monday a federal holiday can you deliver in writing to the dealer that you no long want the contract.?
you have 3 days to change your mind or reconsider their offer of a contract or cancel a contract after that you are legally bound to the contract..take it in writing to the dealer and keep a copy i believe according to the law that governs contracts you have 3 days to change your mind..but the dealership isn't going to tell you that and they will tell you you cant get out of it but you can if unsure call the free legal assistance hot line you can get that number thru your local welfare agency...good luck
Do you call the finance company or just take the car to the dealer if you want to do a voluntary repossession and do you need to inform the finance company you're taking it back or will the dealer?
call the finance company and tell them that you want to do a voluntary repossession and they will take it from there.
Dealer did not sign contract?
The car dealership did not sign my contract, is it still binding?
Is it possible for the dealer to back out of a contract once you signed it and drove off the lot with dealer plate?
The dealer should be legally bound by the contract which the two of you entered into , a mutual agreement , unless there is an "escape clause" that the dealer can exercise as an option in the contract ; you would best consult an attorney regarding this matter .
