Legal Question in Business Law in Florida

I purchased a used 2011 GMC Sierra from a local dealer. The loan was approvde and my wife and I signed all the papers and drove home in our new truck. We traded our 2008 GMC in (end of Lease). Now two months later Ally who financed the deal has refused to fund it and has reversed it's loan approval. The dealer is trying to work it out but am not getting anywhere with the deal. My credit is ok except for my mortgage currently in loan modification with my attorney and Chase. The dealer has been stringing me along and I think I should get my money back and return the truck. I have been approved with several other lenders who use other dealers. Should I return the vehicle and get my money back?
Jon Ogle
239-821-7999

Asked on 10/24/11, 8:02 pm

1 Answer from Attorneys

Joseph Brien THE PEOPLE'S ADVOCATE

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Where is your truck. If they will not honor your deal, you should be returned to the position you were in before you entered into the purchase agreement without compensation for the use of the new car. If your car is no longer available, their bargaining position is weak.

If the seller is trying to up the interest rate, they are probably trying to make more money on the deal. It has become a common practice among some dealers and is bad faith.

In this kind of matter, I suggest you contact a local attorney; they can usually resolve things with a phone call or two. In the alternative, I suggest you initiate complaints with the Better Business Bureau and the Florida Attorney General - Consumer complaints. Ultimately this is bad business and both organizations should investigate the dealer.

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Answered on 10/25/11, 8:40 am

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