Can a car sale and financing be revoked two weeks later and threaten to "reposess" the car?? They knew my w1040 income, credit report...and most cojently is they KNEW I had no one to be a cosigner. We signed contract for preapproved loan and they released the car to me. Two weeks later I receive phone call demanding I return the car. I question why? They say that "preapproval does not mean loan approval and the bank will not accept the terms".
Is this my problem ? can they do this?
Answer
Probably. It depends on what the contracts say. They will need to provide anything you gave them, including downpayment, and any trade-in vehicle.
Answer
Under the standard sales contract used in California, assuming that they used that, the question can only be answered with knowledge of the exact date they cancelled. If they sent you a letter, make sure you keep the envelope. If they only called, get your incoming call records. They only have 10 days to rescind, but it is VERY common (though illegal) for them to try to cancel too late.
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