Help Auto contract gone wrong

**bemmons** · 02-24-2005, 04:36 PM

I recently purchased a new truck from a very large Ford dealership in the dfw are, We went in and selected the vehicle we wanted then we applied for the loan throught the dealership, but our credit was bad and they worked for about a week to get us financed. The finance manager made a mistake on my wifes income and made it weekly instead of monthly. He called me and told me he had made a mistake and we had already showed proof of our income, so he said he called the bank and it was going to be ok, we had a deal. We signed the sales contract with the intrest ,pmt and bank we were being financed through. Gave the deposit and it has been cashed, Now after almost 40 days they are saying that the bank won't finance us, now they want us to return the truck. What should I do, I want to keep the new truck?

Thanks,
Brent

**Anonymous** · 02-24-2005, 05:29 PM

If you signed the loan application with the incorrect salary information, you are responsible for the error - your signature establishes that you have read the information on the form and that it is accurate.

It is not the lender's fault that they received and relied upon the incorrect information, nor that under their policies you do not qualify for their loan without the additional income.

If the dealer is simply saying, "bring back the truck and we'll cancel the deal", there's not much of a down side for you - other than the fact that you'll need to replace the vehicle, that is.

You do have the option of trying to seek your own loan for the vehicle, such that you can purchase it independent of the financing that has fallen through. Most banks will extend new car loans, as will a number of online lenders.

**bemmons** · 02-25-2005, 07:26 AM

No my loan application was right, the Finance manager screwed up, and admittted to messing up, and said he had it taken care of before we ever signed the deal.

**Anonymous** · 02-25-2005, 08:58 PM

I do not understand how the lender could have received inaccurate information from an accurate loan application. But nonetheless, they did receive inaccurate information, and thus it is not their fault that you do not qualify for a loan which was offered on the basis of that incorrect information.

You may wish to pursue the options previously outlined.