QUESTION
How do I get my trade in back, and if car is available, how does the process work?
Asked on Dec 10th, 2012 on Breach of Contract - Nevada
More details to this question:
I had a new car for one year, 2012 nissan versa. I went back to the dealership to trade in and get a better car. My trade in was worth 13000, I was upside down about 5k which was then transferred to the new car loan. Now, delaership is calling me back to "reconstruct" the loan. I know I can leave vehicle if apr goes up but how do I get my trade in back if it was paid off and transferred to my new loan, do I get money back or how does that work. Please help. Thank you..
1 ANSWER
R. Christopher Reade
The dealer has 15 days to get you financed in accordance with the terms of the Contract. If the dealer cannot get you financed in accordance with the Contract within 15 days, the Dealer has the option to rescind the Agreement and to return to you all consideration paid, including the return of the vehicle in trade. The dealer has no right to "reconstruct" or change the terms of the contract or make you agree to different terms than you previously agreed.
It is deceptive trade practices in the State of Nevada for a dealer to enter into a contract for the sale of a vehicle on credit with a customer, exercise a valid option to cancel the vehicle sale (including inability to finance) and then, after the customer returns the vehicle with no damage other than reasonable wear and tear, the seller: (1) Fails to return any down payment or return a vehicle accepted in trade; (2) misleads the customer that the customer must sign a different contract for sale; (3) fails to make proper disclosures. See also NRS 598.092.
Answered on Dec 11th, 2012 at 2:14 PM