What to do if the dealer has now called and said the financing fell through and I have to bring my car back?

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What to do if the dealer has now called and said the financing fell through and I have to bring my car back?

I purchased a used car from a dealership over a month ago. With my loan I agreed to make bi-weekly payments and have made 3 payments.

Asked on January 16, 2012 under General Practice, Arizona

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you are honoring all your obligations under the purchase agreement, then the dealer should not be able to rescind the agreement and get the car back, except in the event where the financing was specifically a contingency in the contract. If the contract was contingent on obtaining financing, then the failure to obtain it could provide grounds to rescind or terminate the agreement; otherwise, if it was not actually a contingency, the dealer should have to honor its obligations so long as you honor yours.


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