Just bought a car and still waiting for financing. if the dealer cant get financing do i have to return car?

Question

I've had the car for about a week and I have yet to get any notice from the dealer about the bank that will finance the car. If i don't get a bank will I have to give the car back and will I get back the 2500 I put down on the vehicle. Also I have installed an alarm will I get the money back from that also from the dealer?

Answer 1

Why did you install something on a car you may not be able to keep. If the financing doesn't go through, you will need to take the car back. They are NOT obligated to pay you for any items you may have added. If modifications were done to the car, they may charge you.

Answer 2

It has been known to happen.

Answer 3

Well i work in a toyota garage, but i've never seen anyone getting the car until they have actually been approved for finance. I would think that if you don't get approved you would more than likely get the deposit back on the car. If you have installed an alarm yourself and paid for it yourself i can't see you getting that money back.

You should ring the dealer and check with them if the finance came through. For peace of mind.

Good Luck. x x

Answer 4

Yes, Unfortunately  you will have to return the car if you are not approved for the loan, but they will have to give your $2500 back. I know this, because the same thing happened to me and I had the truck for like a month. I just looked at the bright side of things. I got a free truck for a month :-)

As for the alarm, I'm 99% sure they won't reimburse you for that, so I would try to remove it from the car.

Good Luck

Answer 5

if the financing doesnt come thru you will have to return the car and get your down payment back. As for the alarm, did the dealer put it in? If not you probably wont get anything back for that. If the dealer did it and you paid for it out of pocket you might get it back

Answer 6

Do us a favor.  Let us know how much of that $2500 you get back. People are asking this question on Yahoo Answers every day, multiple people.  You should search on their answers.

But yes, certainly, you should be happy to get free use of the car for a few weeks and get your money back, without any kind of long-term debt hangin' over your head.