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Bought a car from dealership. Financed through wells Fargo. Went to make first payment and wells said we don't have a loan for you...your credit app was denied. Their name is on the title as the lien holder but there isn't a lien. Dealership is trying to get me to sign a new contract with different lender at different rates. Is it their responsibility to get the money from wells? Can I get a statement from wells to take their name off my title?
4 ANSWERS
When you bought the car, you signed a contract saying you would pay for it and how much you would pay for it. Read the fine print, if the dealer cannot get you financed, I am sure it provides for repercussions. I guarantee you did not get a free car because Wells Fargo will not approve your financing. Even auto dealers are not that dumb.
Answered on Sep 15th, 2015 at 11:04 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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No, there is a legal technicality called "unjust enrichment", which will result in you paying the full price. If you don't make a new arrangement with the dealer, it will hurt your credit score.
Answered on Sep 15th, 2015 at 10:43 AM
Debt Collection Attorney serving Chicago, IL
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Edelman, Combs, Latturner & Goodwin, LLC
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No you did not get a free car. You have the choice between returning the car and signing for new financing.
Answered on Sep 14th, 2015 at 3:22 PM
No free cars. You either get a new loan or give the car back and have them return your deposit.
Answered on Sep 14th, 2015 at 3:22 PM