So my boyfriend recently bought a used car from some used dealership in Maryland. He filled out an application, showed his bank statements and that was about it, because he is self employed, he didn't really have much else to show. The dealership approved him with a high interest rate, collected a $9,000 down-payment and we drove home to Virginia. Several weeks later (I guess just over a month maybe?), the dealership never forwarded any information about how to pay the monthly payments. Then, they called him and said he needs to show further proof of income or he basically has to bring the car back. He definitely doesn't have further proof of income, we just make money doing real estate stuff and don't have normal jobs right now. What can he do now? The dealership manager and my boyfriend disputed about it on the phone and the manager basically threatened him and said if he wasn't more respectful that he'd call the cops and report the car as stolen (because my boyfriend had insinuated that the manager was a liar). He said that my boyfriend can return the car but that he wouldn't get back his full down-payment because there would be depreciation from the mileage. The manager promised to try and call "the bank" (wouldn't tell him what bank) and try to straighten it out. But we don't think it will be straightened out. We tried contacting other financial institutions to get financing, but they denied him due to bad credit. He has money but his credit is a work in progress. What can we do? Can the dealership really not give the full down-payment back? And can they report the car as stolen? How would someone go about fixing this issue?
TL;DR: Dealership must have given "conditional approval" (maybe) for auto loan, we kept the car for a couple months, now they are saying financing isn't approved and we either need to show better proof of income or return the car back and lose part of the down-payment. What do we do?
Submitted May 22, 2020 at 06:24PM by Trimuffintops https://ift.tt/2AOsclr
