Legal Question in Consumer Law in Florida

Bought New Car with Trade In

We bought a new car on Saturday which we love and we traded in a car during this transaction. They sold our trade in. Now today they called me and said that they do not know if the financing will go through for the car that we bought because of a glitch on our credit report that makes it appear that we are two months late on our mortgage. I have provided them with a copy of our mortgage modification that shows that we are not late but they say that they are still uncertain if they can get financing. The contract states that if they are unable to obtain financing that all considerations that we provided during the transaction must be returned. How will they return our trade in if they already sold it?


Asked on 5/14/08, 8:23 pm

1 Answer from Attorneys
Alan Wagner Wagner, McLaughlin & Whittemore P.A.

Re: Bought New Car with Trade In

They can't -- which means that they will be very very willing to work with you to get this car financed. If they can't, they will need to give you either the full fair value of your car (what did they sell it for?) or a comparable replacement.

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Answered on 5/14/08, 8:41 pm


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