Ok, so i got an 04 stang gt last week. The dealer said I would be able to be financed by myself and did all the paperwork and everything. I traded in my 08 cobalt on this car and put 500 down. I got in a small accident involving a black car(could not ID) running red light causing me to either A. sit there and take a hit or B. swerve into a guardrail..i chose B. I have a bent headlight and scuffed front bumper. The guy kept going, cops didnt get him, so I said screw it ill buy a new headlight as it still works for now.


dealer calls, the loan didnt go thru and they want their car back..the forms I signed only say in this event I have to give the car back to the dealer and place of business and I receive my money and my trade..so if they try to make me pay for damage I deny right? Keep in mind I told them twice I wouldnt get financed but they assured me I would so i said whatever and did it.


Any help is appreciated!

 

The forms say nothing about damages etc and the dealer did not say anything either about it.

 

WTF!!! What kind of car dealer does this kind of business? They actually gave you the car not knowing whether or not you qualified for the loan? I wouldn't think any place that is going to sell you a car would do that..."under an assumption that you will qualify"...there would be a lot of returns in this day and age...specially after the economy is taking a hard hit like it has!

 

yeah i dunno i the forms pretty much have me covered i think?

 

That just shows you how greedy those damn stealerships are...you would have got a skyrocket interest rate to boot...enough to make your head spin on the payment layout in terms of years!

 

well they said 12.9 at first and I laffed at them..then they said 9.5 and I said ok. so i think cuz they took the risk of giving a car out that I never technically owned..im ok. haha

 

yeah...you kinda got yourself in that one man...sorry to hear that but not to make you feel bad or anything...I would never try to own something that I couldn't afford...just not worth the risk(Credit Wise anyway)...maybe someone else will chime in and give there opinion.

 

well i can afford 9.5..and even 12.9 too..but I dont want to pay 12.9 it isnt worth it. My credit score is 725 but I havent been at my job very long and can easily afford the 335 payment(my cobalt was 328).

 

Yeah high rate interest will get ya. Some people have no choice though...the only other choice is to pay cash...but most people don't have it.

 

I dont mind 9.5..had I gotten approved like they said I would have 335 a month is very easy. Im pretty sure since the contracts state that if a loan falls through then I technically never owned it so I think I wont have to pay the damage on the car. if they try Ill just say talk to my lawyer ha