How long does a car dealer have to secure a loan?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How long does a car dealer have to secure a loan?
It has been 16 days. They will not give me my trade in back and I am now 11 days late on the car payment that should have been made for my old car.
Asked on April 19, 2012 under General Practice, Colorado
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The best way to answer the question that you have written is for you to carefully read the purchase and sales agreement for the vehicles that you have written about in that that document should control the obligations owed to you by the car dealer and vice versa. The document should set forth what contractual duties the car dealership has for getting you the desired loan and under what time frame. If not, you seemingly are in a bad position concerning the transaction you are writing about.
Hopefully for you the purchase agreement specifically references a guaranteed loan for a set amount, at a certain interest rate for so many years.
In the future, it in best that you do not purchase an item without having a loan set forth in place for you.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.