Hi,
I have a question regarding a situation I am currently facing regarding a car I purchased and picked up on December 22nd.
I bought the car on finance, which was approved through the dealer who used ******* Finance . I also had a trade in and paid $4800 cash toward the purchase. On December 22, they took my old car, I signed the car finance documents and drove the new car away.
Now, on January 10th, I find out the car finance has been declined prior to settlement and they only find this out 18 days after handover date. We are attempting through another finance company but I want to know where I am left if this isn't approved? They have had my car for 3 weeks, and I have had my new vehicle the same time. They have already paid out the car loan on my old car of approx $57,000, and I have paid to add around $900 of accessories to the new car too.
If this finance falls through, what legal standing do I have? I cannot simply swap cars back as they have paid out my old loan (old finance policy is finalised) and I have invested money in the new car. On top of this - their Dealer Principal had been driving my car nightly since then and has put a large amount of kms on the car. I have been overseas so the kms on the new car are limited.
The reason for being declined is that the lender wasn't happy with serviceability - despite the fact I can service the loan, I have recently switched businesses within my Group of Companies and as such they won't take into account my commission which makes up 80-90% of my income.
Can you assist with some direction in this situation? Is there a limitation on timeframe where they can request the vehicle back from me? If they do request the car back what happens if the finance cannot be reinstated for the old vehicle? And what happens about reimbursement for money I have invested in the new car and the devaluation of my old car in the meantime?
Lots of questions, I know, but despite the fact I worked for a car dealership for a number of years, I have never come across this situation, so am unsure where I would stand.
Thanks...
I have a question regarding a situation I am currently facing regarding a car I purchased and picked up on December 22nd.
I bought the car on finance, which was approved through the dealer who used ******* Finance . I also had a trade in and paid $4800 cash toward the purchase. On December 22, they took my old car, I signed the car finance documents and drove the new car away.
Now, on January 10th, I find out the car finance has been declined prior to settlement and they only find this out 18 days after handover date. We are attempting through another finance company but I want to know where I am left if this isn't approved? They have had my car for 3 weeks, and I have had my new vehicle the same time. They have already paid out the car loan on my old car of approx $57,000, and I have paid to add around $900 of accessories to the new car too.
If this finance falls through, what legal standing do I have? I cannot simply swap cars back as they have paid out my old loan (old finance policy is finalised) and I have invested money in the new car. On top of this - their Dealer Principal had been driving my car nightly since then and has put a large amount of kms on the car. I have been overseas so the kms on the new car are limited.
The reason for being declined is that the lender wasn't happy with serviceability - despite the fact I can service the loan, I have recently switched businesses within my Group of Companies and as such they won't take into account my commission which makes up 80-90% of my income.
Can you assist with some direction in this situation? Is there a limitation on timeframe where they can request the vehicle back from me? If they do request the car back what happens if the finance cannot be reinstated for the old vehicle? And what happens about reimbursement for money I have invested in the new car and the devaluation of my old car in the meantime?
Lots of questions, I know, but despite the fact I worked for a car dealership for a number of years, I have never come across this situation, so am unsure where I would stand.
Thanks...
