Hello, about a week and a half ago I tried to buy an 04 350z from a mitsu dealer. I singed the contract before I was funded for the loan and brought the car home. It was 24k and some change, So a couple of days ago the bank told the dealer that they were only going to fund 20500 of it because of my credit history and my age. Now they are trying to put me in another car from their dealer, now am I legally obligated to purchase a car from them? My guess is no but I want to make sure. Thanks!

 

No. The contract is contingent on financing. You have no financing. You have no contract.

 

awesome! thanks

 

did you return the car?! if you haven't, i'd go have some fun before you do

 

not yet. its still in my driveway and ive put 1000 miles on it so far lol. I've been having fun in it since i knew it wasnt going to be mine

 

beware, they could possibly charge you per mile driven!

 

that would definatly suck if they did. I've never heard of taking a car home before the bank approves you for the loan. Is that the norm? because they were swearing up and down that I would get approved, so I beleived them, but they all seemed shady, because they would say when i asked them how much the car would be otd, and they said that they will give me a good deal, and kept asking me what i want my monthly payment to be at. So it was irritating none the less, plus im sure they knew what noob i was at buying a car lol. but i found another one in my price range with lower miles, so i'll be definitely getting mine soon

 

i did that once to. i got a car from a dealership and they let me take it home. it was back in 2001. i bought a 1999 countour because it was the only loan i could get at the time. i drove it for a week, before they called me and said to return it.

i was on some ice and slid into a curb. bent the wheel and knocked the alignment off. they didn't charge me for mileage and i don't think they noticed what happened. lol

 

You did not mention that the car was in your possession. You took the car, its your obligation to pay for it.

a. Return the car, and you may be charged a flat rate plus miles.
b. You may forfeit any down payment.