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Finance Company Changed Acceptance Decision

  • Thread starter Thread starter Rhonda S Dyer
  • Start date Start date

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Rhonda S Dyer

Guest
Hello,

I live in Columbus, Ohio.

On 12/5/00 I was approved for a new car lease.

All paperwork was completed and signed.

I brought the car home with me and obtained insurance for it.

Today 12/9/00 the dealership called me and the finance company changed their mind and they want the car back.

They said the reason for this decision was a derogitory item on a credit report that they did not obtain the night of the sale.

Do I have to return the vehicle?

What are my rights?

Thanks
 


I AM ALWAYS LIABLE

Senior Member
Rhonda S Dyer said:
Hello,

I live in Columbus, Ohio.

On 12/5/00 I was approved for a new car lease.

All paperwork was completed and signed.

I brought the car home with me and obtained insurance for it.

Today 12/9/00 the dealership called me and the finance company changed their mind and they want the car back.

They said the reason for this decision was a derogitory item on a credit report that they did not obtain the night of the sale.

Do I have to return the vehicle?

What are my rights?

Thanks

My response:

Yes, you must return the car. It's that repossession you have on your credit report that's killing the deal.

If you look at your purchase contract, somewhere on the papers it says that the final sale is contingent upon final financing approval.

You've got to get out of Ohio. Ohio has a 15 year Statute of Limitations on debts. By contrast, California only has 4 years. Nevada has 3 years.

In Ohio, signing a written contract is a "death warrant" due in large part to its lengthy Statute of Limitations. In Ohio, a person is "on the hook" for a major portion of their life.

IAAL

[Edited by I AM ALWAYS LIABLE on 12-09-2000 at 12:58 PM]
 

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