Legal Question in Business Law in Virginia

Auto-loan

I was approved for 2 new cars with 2 different banks in my name. During the application process with one bank, AFTER signing the contracts for the cars, I mentioned to one bank that I have another car loan with another bank. They were unaware and kicked my loan back and did not approve me because of this. The other car seems to have worked out fine..

legally do I have the right to take both cars back and throw away both contracts since the dealer obviously made some shady moves to get me approved? I feel I was ''mislead''

The dealer said he is trying to get me refinanced with another bank. Legally, is he able to pursue that without me singing a NEW contract?

Ideally I'd like to take both cars back and walk away. What are my legal rights?


Asked on 3/20/08, 5:45 pm

2 Answers from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Auto-loan

And the same rationale could apply, even if there were not two different dealers but the same dealer with different salespersons who processed your loan applications for the two separate vehicles at different times with the two different banks.

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Answered on 3/22/08, 11:44 am
Michael Hendrickson Law Office Michael E. Hendrickson

Re: Auto-loan

No, I see no basis in law that would confer upon you "the right to take both cars back and throw away both contracts" and it is on these facts no way obvious that the dealer (allegedly)made some shady moves to get you approved (for the loan), particularly, when even this dealer may not have known when your first application was processed that you apparently had two separate vehicle loan applications pending at nearly the same time from two different dealers.

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Answered on 3/21/08, 4:34 pm


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