What to do if the finance company says my loan was denied but the dealership says it wasn’t and now I don’t have the car or the $5,000 I put down?

What to do if the finance company says my loan was denied but the dealership says it wasn’t and now I don’t have the car or the $5,000 I put down?

I purchased a car about 3 weeks ago from a dealership. The whole purchase and process has been hectic and screwed up from the beginning. Needed a cosigner. Used my dad. He somehow got placed as “owner/main applicant”. I am cosigner. I called Finance company yesterday to check loan status and was told the loan was denied and to take the car back to the dealership and get my down payment back. Dealership says the loan was not denied and I cannot leave with the car unless I tell the finance company I want the car. And I will be charged for the time I had the car out of my down payment.

Asked on March 3, 2012 under General Practice, Tennessee

Answers:

---

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.