ConcernedMom
01-27-2008, 02:00 PM
My son purchased a used car. It was late at night and though he was not approved for the loan he signed the contract and put $3k down as a deposit (he got a receipt). Included in the paperwork was a conditional agreement stating if he was not approved he would pay $65 a day and .28 cents per mile. Aside from the fact he shouldn't have bought it (price and interest rate both too high), he has use of my car for free but he was tired and frustrated and made a bad decision. Anyway, less than 12 hours after he bought it, he returned it and said he changed his mind. The GM said too bad, you signed a contract. My son said he's not been approved yet and informed the dealership he might be losing his job in March (which is true- he's been told that) in which case he won't be able to afford it. They said too bad, he shouldn't have signed. He walked out leaving the truck and the key at the dealership. We have both made calls to find out if he's been approved for a loan but CitiFinancial Auto whom the dealership indicates was assigned the loan doesn't have him in their system nor will speak to him about it nor has provided a coupon book or anything. The dealership says he was approved (very unlikely since he's been without a vehicle for 2 years and his credit is bad enough that no one previously would even consider him without a co-signer which he doesn't have) and to pick up the truck and drive it around so my son asked them to fax or email confirmation of loan approval and stated once he received such he would pick the truck up but they refuse. They said if he wants confirmation, he has to go back out there to get it- and the truck at the same time. Is there anything my son can do to resolve this? He's afraid if he picks it up and drives it they will turn around and come get it in a couple weeks and then charge him rental for it (ie keep most of his deposit) and if he doesn't get the truck- after he signed for it- then how does he get his deposit back? My son works in a warehouse and doesn't make a bunch of money and he pays child support and he made a mistake in signing for the car but it was just that- a mistake. Any help/advice would greatly be appreciated!!!