How can I get my trade-in, down payment, license plates, and personal belongings back from Nissan who refuses to return everything after none of the eight banks approved the loan?
1 Answer from Attorneys
I'll assume you purchased a car from the dealership and sought to finance it on your own. If you could not qualify for credit to complete the purchase, you had a legal obligation to return the new car immediately and hope to retrieve all that you gave them in the intended bargain. If the dealership cannot give you back your old car (because, for example, they already resold it), you may be able to demand they give you its fair market value so you can otherwise replace it. If, however, you return their car with mileage that caused wear and otherwise depreciated its value, you may be responsible to the dealer for that loss of value.
Really, the whole thing comes down to the terms of your purchase agreement. Remember all that fine print that nobody ever reads? That is where you first must look for the answers to your questions. Have you tried going to them and utilizing THEIR in-house financing options to complete the purchase? They may have available some "loan-shark" type financing that seem quite unattractive, but may be better than whatever other alternatives you are currently facing. If your credit is bad enough that eight lenders have turned you down, you are pretty much stuck taking whatever you get from whatever source will lend it.
Look to the original contract and see what the conditions are regarding financing. It likely will tell you that if you take responsibility for procuring your own loan and cannot get one, you face getting stuck for all economic damages incurred by both you AND the dealership. Go talk to their "F&I" (Finance and Insurance) guy at the dealership and see what he/she can do to help complete the deal.
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