Legal Question in Credit and Debt Law in Illinois

after signing contract auto store takes car back

I purchased a car from a lot here in IL. Was getting financing through the car lot. We signed all paperwork (including contract) and I went on my way with the vehicle assuming I had been approved. Later, they said I wasn't approved and had to bring back car--they threatened to call police if I didn't. I did not sign a rider saying I would bring the car back if financing didn't go through with their bank. Contract has car lot name as seller/creditor. They signed and I signed. Is it legal for them to take back the car or is contract binding? They had already cashed the down payment check given to them.


Asked on 3/08/02, 10:54 am

1 Answer from Attorneys
Bruce Buckrop Bruce Buckrop

Re: after signing contract auto store takes car back

It would be important to see the papers you signed, but it sounds like you own the car, subject to the terms of the sales agreement, take papers to an attorney, to have him put car lot on notice of your position.

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Answered on 3/08/02, 12:32 pm


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