What to do if I purchased a new vehicle and traded in an old one but my loan did not go through and my trade-in was destroyed?
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What to do if I purchased a new vehicle and traded in an old one but my loan did not go through and my trade-in was destroyed?
About 5 days after getting new vehicle, I was asked to return it due to the loan not being approved. However, I am being told that my old vehicle was destroyed.
Asked on February 2, 2015 under Business Law, Pennsylvania
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
The dealership would have had to give you back your old vehicle. Since that is impossible, they will need to pay you the then-fair market value (blue book value) of the car. If they do not do so voluntarily, you can sue them to recover the money. If the deal (the sale) is now void, each party must get back what it put in.
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