Can dealer ask for car back after a week of buying and financing?
Dealer might check your credit score to make sure you are not a "roach" or someone who has no possibility to get financed, but they don't approve financing. Only finance companies and banks approve loans. There was apparently some problem with either your credit score, your income, or your debt load. This is the reason for your disqualification. It has nothing to do with the dealer, who was only hoping he could push your deal through, but was unsuccessful. It doesn't matter what you signed, if the dealer can't get you financed, he doesn't get paid for his car, and he'll want the car back. You can always try to get your own financing at a bank or credit union, or at one of the online loan companies such as driverloans.com or capitalone.com. Here's an article that might help: http://www.leaseguide.com/Articles/dealer-car-back.htm Good luck.
Car financing fell through amd dealership waits 3 weeks to tell me?
Its not a scam. Dealerships do it all the time if they made you wait until a bank actually bought the loan it would take weeks. What they did is legal they will give you your money back no problem. However they don't keep your money hanging around so they will have to cut you a check and it may take up to 7 days. Basically they submit your information and the loan information to a bank through an automated online system. Sometimes the system will say yes but the bank hasn't looked at the loan yet. The bank can still turn you down until everything has been finalized. The car dealership will then send the information to another bank to see if they will buy it. If a bank will not take the loan it is the banks fault not the dealership. Contrary to popular belief the dealership really wants you to have that car they don't want it costing them money sitting on their lot. And believe me they will do whatever they can to keep you in that car. No one makes money unless your loan is bought by a bank. When your loan is denied by all the banks you then have 2 choices give them the car back and get your money back or ask them if there is a vehicle you may be more qualified on. This is the crappy part all dealers use the same financing companies some may have more secondary than others but they are all pretty much equal. If this dealership can't help you get a loan find a new co-signer or come up with more money before trying again. Best of luck
Can my car dealer take away my car if i have no insurance but i pay my car payment every month on time ? ?
No, a reposession agent must be the one to take your car. You're not making those payments in full, on time. See, when you don't have valid proof of insurance, the lender puts "forced placement" coverage onto your loan. It usually costs 2 - 3 times as much. You must pay the EXTRA amount, every month. If you don't pay the FULL amount, for both the insurance and the loan, the FIRST part of the money you pay, gets applied to the insurance, NOT the loan - so your loan goes into default, and the car gets reposessed. You agreed to this entire procedure, in writing, when you signed the loan papers to buy this car. And, just to give you a frame of reference, a "fair" price for insurance, in most of the USA, for a kid with "full coverage" on a car, who's 18, would be around $5,000 to $7,000 a year - assuming he had a clean driving record. Your massive mistake, was buying a car you couldn't afford. And no, being able to pay for the payment, does NOT mean it's affordable. Having to borrow money to buy it, is what makes it unaffordable. Not being able to afford the insurance, makes it unaffordable. Learn this lesson. Don't borrow money to buy a car. And yes, your contract DOES say the car has to be insured at all times. They all do. The LOAN contract, states that.
I honestly doubt it. The kind of scenario you describe is so unusual that I never ran across it in four years of selling cars. Sure, you can BUY a car without a license — but finance it?Here’s the thing. The entity that carries the paper — the finance company — is going to want to make sure its investment is protected. So it’s going to require you to carry insurance. How are you going to get insurance if you don’t have a license?Now, there’s no law preventing you from buying a car for cash without a license. Matter of fact, I did exactly that. Way back in 1983, when I was a college student, I got a summer job that required me to have a car. I didn’t have a license yet, but I did have a Washington state ID card/learner’s permit.A buddy of mine and I went to a buy-here/pay-here lot, and $1295 later I was the proud owner of a 1963 Catalina convertible that I couldn’t legally drive by myself.Not that my lack of a license stopped me. I practiced on residential streets for a few days before I went down to the Department of Licensing office and got my first license. Totally illegal — but I never did see any blue flashing lights behind me, thank goodness.About six months later, my dad asked me what I was doing about insurance. And I said, “insurance — what’s that?” He was aghast, and got me added to his policy.You’ve got to keep in mind, when I bought that car, I gave the sales manager a big stack of dollar bills. And in 1983, Washington state didn’t have a mandatory car-insurance law, as we do today. When I was selling cars some 25 years later, I don’t recall any law requiring us to ensure drivers were insured — yet we did it anyway. If a purchaser didn’t have insurance, we’d call up one of the friendly local insurance agents and get the customer written then and there.I suppose this was a matter of dealership policy — I can easily see a scenario where, if a car was sold in the same manner that I purchased mine in 1983, a dealership could be held liable in case of accident. At the more-corporate lots I worked at, we never would have sold to someone who didn’t have a license, cash or no.A private-party seller isn’t going to worry about this sort of thing — but then, a private-party seller isn’t going to be able to offer you financing.In any case, without insurance, financing is impossible, and you might as well forget it.
After car loan papers are signed & car delivered, can the loan be kicked back by the loan company?
Yes! It's possible that the dealer delivered you the car without a final approval. What this means is that the dealer had a fair idea that the loan would be approved and went ahead and delivered you the car to keep you from shopping around. Without an approved loan they will not get paid and they can request that you bring the car back. However if can arrange financing on your own, you could of course buy the car. Just because they had you sign the contract and purchase papers does not mean that the deal is done. Your only recourse should the loan not go through would be to contact the Secretary of State in your state, the BBB, and any other consumer group to advise them of this practice. But before you give up make some calls on your own to see what you can do to get a loan on the car. There are some finance companies that work on line. Try Drive financial, they are very aggressive and have helped many of my customers! Best of Luck! J
Can they repo my car for not having a license ?
Hell no, that's not grounds for repossession. I know what the finance company is afraid of. They're worried that you're going to drive the car without a licence and crash, and because auto insurance doesn't cover unlicensed drivers they'll be left with money owing to them and nothing but a smoking ruin as their collateral. But they can't repo your car over it. Repossession isn't something a lender can just do at will for any arbitrary reason, it's a legal proceeding. If a lender repossesses a vehicle without legal authorization, it's called theft. Tell them to show you the part of the contract you signed that says you personally must hold a drivers licence. Then tell them to get a court of law to approve their repossession order. That's the last you'll hear about it.
It's actually very easy. Simply call the leasing company and ask for the balance owing on the lease, and the buy-back amount for that vehicle. Add those two amounts together, then pay the leasing company that amount. That will result in getting you the title or ownership for the vehicle in your name. Now you can trade that vehicle in on that used car.Some example numbers to show how it would work:Monthly lease payment Inc taxes: $350Length of lease: 60 monthsBuy-back at end of lease: $5695.00Down payment/security deposit: $1500To get out of lease it would require you to pay the remaining months of lease, minus security deposit. In your example that is ($350x59)-$1500=$19150.If you want to use this vehicle as a trade in for the used car you now want you need to pay the buy-back as well.($350x59)-$1500+$5695=$24845.Pay the leasing company $24845 and you can treat that car as if you own it, because you now do own it.
Possible? Probably. It depends on the car, how much cash you have or put down, etc.Advisable? No. If you don't like a car after one month, my thoughts are:You might not know what you want or need, and if this is the case, either way you're not in a position to get another vehicle.You might not have the resources to lease the car you want, which is how you ended up with the less costly model.You didn't give the first lease decision enough thought. Forcing yourself to drive a car you don't want for the term of a lease might help you to remember to be more careful next time. ;)But, if you really want to trade a car you just leased, you can probably do it. Just bring a fat stack of cash with you, as you're almost certainly thousands of dollars "upside down" in your lease right now. You should also expect to pay more for your next lease.Finally, check out a website called SwapALease.com - you might be able to find someone to take over your lease, giving yourself a do-over.NOTE: Some lease agreements specify a minimum term before lease payoff - check your paperwork to be sure. My recollection is that 90 days is pretty common, only 6 months seems plausible. This is only applicable to payoffs...if you find someone to take over your lease, you're good to go.