Legal Question in Consumer Law in Florida

I have had my used vehicle for over a month now. Just two weeks ago they said they had approved me for better loan rate. I accepted. Now I got a call asking for W-2 and pay stubs. I will provide them, but I am now worried that they are trying to pull a "yo-yo" on me. Usually what comes next is they offer you a new contract with higher rate/payment. I'm ready to deny any type of offer like that and get my 2k down payment back. One of the papers I signed said that I would have to pay for my use of the car should finance fall through. I can understand that, but after almost 2 months?! So back to my question. In the state of Florida (or Federal) are dealership required to get back to you over your finance in a certain period of time? Any help is greatly appreciated. Should future legal action (by arbitration as was signed) I have left my info for any nearby lawyers who may be able to help me in my situation.


Asked on 5/08/14, 10:29 pm

1 Answer from Attorneys
Nicholas McCarville McCarville Law, P.L.

Federal law requires, in the case of a denial, a denial letter explaining why your credit has been denied. You can pursue this claim among others in arbitration if necessary, however, it is sometimes possible to avoid arbitration. Documents would have to be reviewed to determine this.

In a yo-yo transaction there are often many things that can happen. You most likely have remedies against this dealer that you are not even aware of. You should contact a consumer attorney as soon as possible to have you documents reviewed.

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Answered on 5/15/14, 1:46 pm


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