Legal Question in Banking Law in Iowa

I recently purchased a 05 F150 from a dealership. The next day my employer demoted me from full time to a 7 month position. The creditor is having trouble approving my loan since i havent worked since november of last year. i have signed the purchase agreement with the company and gave them 4,000 down. the loan hasnt been approved, so can i forfeit the loan and return the truck? if i do how much of my down payment do i get back? how much would it cost me to break my contract agreement with the dealership/


Asked on 3/16/10, 6:12 pm

1 Answer from Attorneys
Robert Luedeman solo practitioner

You're between a rock and a hard place. If you can't get financing the dealer can't complete the sale so technically the truck isn't really yours to begin with. However, getting the four thousand bucks back from the dealership may be a bit of a problem. I suggest you hire an attorney to negotiate for you.

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Answered on 3/21/10, 8:07 pm


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