I purchased a new car cash and it was repossesed in 21 days is this legal?
I bought a 2006 Subaru WRX STI. I traded in a 2004 350Z which was paid for. The value applied to my purchase from this trade in was $22,500.00. I wrote a check, from my home equity line account, for the balance roughly, but not to rough, $13,300.00. The check alledgedly bounced and the 06 Subaru was repossessed within 21 days of purchase. Is this a legal practice? The reason I ask the person doing all the paper work had me sign a Finance Agreement. I asked him why? And he replied it is because you are writing out a check with your trade-in but as you can see everything was zero's. Since they repossessed my new car the only thing I could find in all the fine print in the Finance and Purchase Agreements was that if the dealer couldn't place the financing they were to notify me in writing within 10 days and am to return new car and receive my downpayment or trade in back with no penalty. Is my check bouncing equal to not being able to place the financing? Does the 10 days apply?
well they should have called you or something but if you are unreachable then they don't have to wait for you to be reachable , they will never take the loss if you want to fix the problem and your bank will do it rewrite the check and CASH it take the cash or a cashiers check to them so its paid for on there end , other wise get your old car back pronto before they charge you for storage fees and such , but they have to have your old car , was there a lean on your old car ? if there was and it couldn't get cleared up then that may be what the mess up was look in to it
as far as the 10 days thing goes , did you have the car for 10 days because the finance was there but fell threw so after the check bounces then you would only have 10days from then for them to get a hold of you , but i would find a diffrent dealer to deal with it sounds like they JUMPED the gun on ya
You defaulted on your loan. Make sure they get paid so you can get your car back. Now that you've spent at least 50% of the money toward buying it.
Answers:
This is why you should never buy a car from a car dealer. Best is to purchase through a credit union.
NOt if the check was legit and you had sufficent funds in the account and/or the cash was legal tender, rather than coutnerfit. I think the 10 days should've applied.
