Friday, February 27, 2015

Recently, my wife and me purchased a mini-van. I signed the lease agreement and all the other paperwork. I am the only person on the title a...

Question

Recently, my wife and me purchased a mini-van. I signed the lease agreement and all the other paperwork. I am the only person on the title and paperwork. The dealership called me and said that the lender (capital one) kicked back the deal saying I don't make enough income and my income is 400 per month short. Now My wife receives 700 per month in disability because of our son but the dealership was non committal dodgey as to wether this can be counted as part of my income. The dealership wants me to come in to "modify the contract" and they need to lower the price of the mini-van (they won't say how, I assume I need to provide more upfront). This always sets off red flags in my mind and seems shady to me. The dealership said their bank finances it until the lender provides the lien and that the dealership is in some trouble because the bank is asking where the van or the cash is. What I want to know is , what is my legal standing on this? ...can they force us to give the van back? ...can I work this to my advantage? Thank you for your help.



Answer

Up to you to tell them to add your wife to title and loan and put through the disability payment as added income; while they technically don't have to do this I don't think they'll want to give up a sale. But if you don't I'll bet the paperwork says they can recall the deal if you're unable to restructure it. AND they may be able to charge you for the reasonable use of the vehicle since you drove it off the lot. Almost none of us really reads through the paperwork they throw at us at a car purchase, but it's time to do so if you're concerned about having to put up more cash into the deal - maybe there is something that requires them to add her/her $...or gives you the option to do so.



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