As I was calling to make my first car payment, the finance company told me they did not fund my loan. I have had the car for 6 weeks now and the dealer did not call to tell me. I live in Michigan, now the dealer wants the car back. Is there a time limit on when they can request a car back? What are my legal rights?
The finance company says they didn't fund my auto loan...?
Usually when that happens the dealer tries to work out another financial deal. Higher interest rate because the credit is not good enough for the best but they still try and suck you in.
Call your states consumer affairs office and see what the laws are for you particular state.
The finance company says they didn't fund my auto loan...?
Yes, details for your state laws are printed on the back of the retail sales agreement you received when you took the car home. Good luck.
The finance company says they didn't fund my auto loan...?
Most of these %26quot;drive off%26quot; loans financed thru the dealers contain fine print that says final approval rests with the lender (not the dealer). In this case, it appears they disapproved the loan.
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