Legal Question in Banking Law in California

1. Is it possible for a car dealership to ask for the car back after they are unable to find a bank to finance you. My wife has already signed papers and they will not accept her proof of income becomes she is self-employed (childcare). 2. I can not be on the loan because I have bankruptcy in my recent past, but can't they still take my income into account for her loan. We are married. Please help, they have given us 24 hours to find a co-signer or we have to return the car and get our down payment back.


Asked on 4/06/11, 5:56 pm

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

It's called a yo-yo sale (look it up). Read the contact you signed. Usually the contract will say they can rescind the sale within 10 days. If it's been more than 10 days, tell them to go pound sand, or have your lawyer tell them.

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Answered on 4/06/11, 11:04 pm


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