QUESTION

Is there a time frame in which a car dealership must tell customer if finance was approved or not approved?

Asked on May 09th, 2014 on Consumer Law - Florida
More details to this question:
I have had my used vehicle for over a month now. Just two weeks ago they said they had approved me for better loan rate. I accepted. Now I got a call asking for W-2 and pay stubs. I will provide them, but I am now worried that they are trying to pull a "yo-yo" on me. Usually what comes next is they offer you a new contract with higher rate/payment. I'm ready to deny any type of offer like that and get my 2k down payment back. One of the papers I signed said that I would have to pay for my use of the car should finance fall through. I can understand that, but after almost 2 months?! So back to my original question. In the state of Florida (or Federal) are dealership required to get back to you over your finance in a certain period of time? Any help is greatly appreciated. Should future legal action (by arbitration as was signed) I have left my info for any nearby lawyers who may be able to help me in my situation.
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1 ANSWER

Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
2 Awards
If you think its a yo-yo scam, you should retain a lawyer ASAP to help sort it out. If you have questions, we provide FREE legal consultations at 1-800-922-6442.
Answered on May 19th, 2014 at 6:03 PM

All responses are NOT to be considered legal advice nor to be relied upon in any as such nor to establish any form of attorney/client relationship. Opinions expressed are solely informational and not a substitute for proper legal advice provided by a properly retained after thoroughly researching the issues presented.

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