Legal Question in Consumer Law in Texas
Auto Financing
I just got a new toyota corolla last week. The finance guy at the dealership called me today (a week later) and stated that I couldn't get financed even though I signed a conract and made a downpayment. Is this legal? If I signed a contract that notated my interest rate, monthly payment, and payment due date, AND made a down payment, why are they coming back now to say it can't be done?
1 Answer from Attorneys
Re: Auto Financing
Start by reading every document you signed. Find out if the sale was contingent upon locating a financing party for the transaction. Find out if there was a time frame or warranty regarding this fact. Find out if you signed financing documents already. If financing has already been instituted, they cannot back out. If there was no financing, you may need to report the dealer to DOT.
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