Legal Question in Credit and Debt Law in California

I just purchased a vehicle 6 days ago.During the negotiations the sales manager said he would call his lenders to find out if we qualified for financing because we had recently filed for bankruptcy. a credit check was done and after a few hours we were told that the lender agreed to finance at a 15.5% rate.

We accepted.contract signed down payment made. Drove car home.

Today I just recieved a letter from dealership stating they are electing to recind contract because they were unable to assign contract.Does the fact that we were told that the lender approved us hold any legal value ?


Asked on 12/01/11, 2:58 pm

1 Answer from Attorneys
Steven Simons Law Office of Steven A. Simons

You have just joined the thousands of others who have been duped by this practice.

Dealers all over the country tell consumers that the financing has been approved then call or write and say the consumer has to return the vehcile. They do this so when you get to the dealer they can try and re-write the contract at a better profit to the dealer. You may have a claim for fraud. However, you may be better off returning the car, getting all of you down payment and going someplace else.

Feel free to call to discuss more of the facts.

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Answered on 12/01/11, 9:53 pm


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