I just got a 2009 malibu 2lt. I love the car but here is the problem. I have had the car for 2 weeks now and the dealer is telling me there is a problem with the loan and I may have to give my car back, can they do that?
Yes, they can if the funding of the loan falls through. Go into the dealership and sit with the salesperson and the finance manager to determine what the problem is. It may be easy to fix or you may need to put additional money down to secure the loan. By taking the time to talk to the dealership, you may be able to keep the car. Ask them to help you, because they would like to keep you in the car. Good Luck!
〉 Answered on Dec 10th, 2008 by Jenny Trostel, Partner at Anderson of Hunt Valley
It is an educated guess that you took the vehicle after a "spot delivery". That means they did the paperwork but it was contingent upon the approval from the financial institution.
If they were unable to get the loan approved then you will have to make other financial arrangements (i.e.: your own bank or credit union, your insurance company, etc.). If you are unable to do this then yes, you will have to return the vehicle to the dealer because you actually do not have a viable financial contract to pay for it.
Be certain that when you took the car home, you signed a "Spot Agreement" form, stating that these were the conditions for taking the vehicle off the lot.
If you put any money down or had a trade in they will have to return ALL of this to you, if you must take the car back.
〉 Answered on Dec 10th, 2008 by Jessie L Thatcher, F&I and Sales Specialist at Reynolds and Reynolds Company (Retired)