Legal Question in Business Law in South Carolina
Eloan Approved Loan For Car, Now, Will Not Fund Due To Their Error
I applied for a car loan at eloan.com and was approved. The car was funded, no problems. I then applied for a second loan for a small inexpensive truck. I got the second approval on the truck, as well as directions to print paperwork and take to dealer to complete. I have the loan number etc. This was on Sept. 30, 2002. I have had the truck 10 days as of today, have paid the property taxes of $165 and put it on the insurance, we are now waiting for the tags. The trade which I used for the truck was my son-in-laws old car, which has been SOLD already at the dealership. Today, 10 days later, Eloan calls and says they have made a mistake, and they are not allowed to fund 2 loans from the same person. They then called the dealership and told them they are not funding the loan. When I spoke with them, I told them I have the approval letter, the Efund Agreement, The Dealer Agreement as well as the preliminary paperwork stating the loan amount approval and payments that was taken to the dealer WITH an approval as well as loan number. Where do we go? If they try to say you have to take the truck back, what do we do? Is this not breach of contract...since we have the paperwork and approval letter as well.
1 Answer from Attorneys
Re: Eloan Approved Loan For Car, Now, Will Not Fund Due To Their Error
As to the dealer, you must pay him through financing provided by him or other third party or return the car. As to breach of contract with the e-loan company, there may be a cause of action for breach of contract. However, it is probably a long term solution. You should consult an attorney about this type of reliance suit. Your damages may be minimal. The immediate proble is to obtain financing for the truck purchase.
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