Q: can a bank deny a car loan even after the car is registered in owner's name?
purchased a car at Stead Hilltop Ford with $7000 down, $10,000 on credit. Have had the car a month, then a letter from Wells Fargo came and denied my loan because of a 612 credit score. Does Stead get the car back, and I get all my money back, or does Stead carry the note?
A: You need to read every word, literally, in your sales contract. The answer is likely in there...
A: Generally, the dealer has 10 days from the date of purchase to inform you whether financing went through or not, and if they don't tell you within those 10 days, then the dealer becomes your finance company. If the dealer does tell you within 10 days of signing the contract, then the dealer can choose to cancel the contract, return your down payment, and you would have to return the vehicle. After the 10 days, you can hold them to the contract. Details become very important especially if you start getting harassing calls or misinformation from the dealership. I have sued many dealers for significant violations regarding similar facts so make sure to contact a lawyer if the dealership is harassing or threatening you or pressuring you to return the vehicle. Also make sure to make your payments to the dealership and do not miss a payment.
A:
Hire attorney Gurevich to represent you, if the dealership pulls shenanigans.
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