Can a auto dealer cancel a car deal?

Question

i traded in two vehichles, i was upside down on both. i negotiated the deal with me paying most of the upside down amount, deal is done i went to there finacial dept signed the papers, car was delivered to me they got both of my cars, i drove off. the next day they call me saying that the finacing changed that i needed a cosigner that i had to come up with more money. essentially that the deal i signed was no good and i had to come in and rework the deal. i know they cant do that right, cause if it was reversed like me changing my mind about the deal they would claim that the deal is signed and there is no return policy on cars. so is the deal i signed legit and just wait till the payment book comes in or do i have to worry about this?

Answer 1

NO, the deal is not complete until accepted by the lender, in this case. There will be no payment book in the mail...just a deputy sheriff at your door, unless you go back to the dealer.

Answer 2

It seems that the dealer can do whatever he wants and you are at their mercy.  You could ask for your cars back, but they probably have already gotten rid of them to a wholesaler.  Good Luck.

Answer 3

Ok i used to sell cars for many years and sorry to say YES that can happen just remember that the dealership is not a financial instution so what they do is guess based on the guide lines the banks give them and sells you the car but if the bank says no then they have 3 options 1 rework the deal or (2)find another bank to finance you of 3 reposse the car and give you back your 2 cars (in the car business this is called an unwind-we hate them) sorry

when you go rework the deal try to get them to drop a point on your intrest rate. i dont know what state you live in but in florida a dealership is allowed to keep 2 points

IE the bank says ok we have a deal @12% the dealership shows you a paper saying 14%- just an idea

Answer 4

I hate to be the one to break it to you but you probably heard what you wanted to hear. The salesperson is TRAINED to ask if I can get my manager to do this do we have a deal?

But no matter unless someone from senior management signs off on the deal, it exists only in the salesman's mind.Then it is up to Finance to complete the process. Any breakdown and there is a voided negotiation.