(Happened August 4, 2010) I have a car that a dealership signed both the retail installment agreement and the application for title (with the lien holder being the financing company). The only thing is, the financing company did not aprove the loan. Does the dealership have the right to repossess my car? And what should I do if the dealership does try to repo it?
1 Answer from Attorneys
THE DEAL IS NOT VALID UNTIL THE FINANCING IS APPROVED THUS THE DEALER CAN REPOSSESS THE VEHICLE ACCORDING TO THE RESEARCH I DID ON THIS ISSUE ON ANOTHER SIMILAR EXAMPLE 2 YEARS AGO. IF THEY COME TO REPOSSESS IT YOU NEED TO LET THEM HAVE THE CAR. HOWEVER, YOU CAN GET YOUR TRADE IN (OR ITS VALUE) BACK