Dealer taking car back!!

[cheech4235]

I need help here. Have had my Black 2SS for 16 days now. Test drove and fell in love with the car. Signed all papers on the 14th, picked up car on the 15th. My credit sucks because of divorce judgements that were not met by my ex wife. The dealer new all of this and my credit history. They said there was no problem and would get me financing.
I thought this was my car! Installed black out kits on lights, ordered light bar, DRLs, and Flowmaster axle back is installed already. Took the car in today to go over miner things that need fixed. They called after I got home and said my financing didnt go through and they need the car back.

Anyone heard of this happening before, and what are my options!!??

[SSOOCH]

WTF? You bought and installed aftermarket accessories and parts before financing was approved??

[Jeffm]

Oh boy

[cheech4235]

All papers were signed and was told financing was approved and the papers say the date when my first payment is due. I also put money down. I never heard of a 16 day TEST DRIVE!

[SSOOCH]

Well if that's the case the dealership has some explaining to do.

Have you contacted the financial institution who the loan is through? See what they have to say.

But I have heard of some crooked dealers doing stuff like this. Was this a Chevrolet Dealership? Get Chevrolet involved as well. If this was some used car lot "we hold the titles" type of joint you might be screwed and I bet they don't give back your down payment. They'll use that as "rental" fee. I've seen people get taken like this before.

[toesuf94]

Pandora is in da house...wow.

You have a legal contract from the dealer then...your payments per month, with a VIN number. I do not think they have a leg to stand on here. You have a legal contract.

The only thing I have heard is a "cooling off" period where the buyer has the right to back out of the deal if they deem themselves to suddenly realize that they made a mistake buying a new car. I think that is between 1-4 days.

I don't think the dealer has 16 days to cool off on your deal. Sounds to me like they thought they could sell your contract to another lending institution and make a few points on the back end and it fell through. Was this a GM dealer on a new car?

[DS1937]

Sounds like BS to me. How did they give you insurance? I can't believe they could legally take the car back like that. Did you finance it through the dealer? Are you sure your ex didn't get involved somehow?

[SSOOCH]

We need Details CHEECH!!

[mark2526]

Wow!

[cheech4235]

This is from a Chevy dealer. I have Insurance through state farm and was covered as soon as I picked up the car and I have the new cards already. They dont have the car back yet but want me to bring it in again. My ex lives in town and I wouldnt put it past her to know someone there and pull some strings, or other things.

[cheech4235]

I am going to call the bank!

[SSOOCH]

Good luck. Let us know Buddy!

[steveo9043]

Ive heard of this happening. I forgot what its called but i think its called spot financing. They make u believe you are financed when you aren't. They are hoping you do but sometimes it doesn't work.

I know of a Chevrolet dealership in fox lake who is known for that. What dealership was this at if u dont mind me asking. Send it in a PM if you feel more comfortable with that.

worst horror story i have heard is this happening and the dealership selling the trade in vehicle already.

[2010SS2SS]

Have you contacted the financial institution who the loan is through? See what they have to say

If its not been approved then there is NO finance institution to contact. Most states have a bailment agreement that allows and discloses the dealer owns the car until the financial contract is cashed by the lender. Other states like Minnesota and Texas have laws that state if the dealer presents a contract and you take delivery it is a DONE deal.
These states usually will not do what is known as a "spot delivery".

Heres a link:

http://illinoisattorneygeneral.gov/c...ew_vehicle.pdf