Dealership Agreement

[mr_chin]

Today I went to the dealership and saw a car I was interested in. I negotiated and we agreed on a a price. The salesman walked away with the paper and application. Came back and said I was approved. I signed the paper and put down a deposit.

Later, we were called into the business office and I had to provide my paystub and such for financing. He said he'll send in my application and call me back in a couple of days.

Now, was I lied about being approved, so the salesman can get me the sign the paper? If I get a call back saying I was declined, am i still obligated to buy the car? The paper I signed has no fine prints or anything about backing out deals. It's just a paper with the vehicles information and prices. Is the deal finalized?

[Jgresch]

1. The sales person meant that the manager approved the deal. He has no way of controlling whether your financing is approved.

2. Often when I submit a deal to the bank, they will ask for records of pay so that I don't lie to them about your income, I will get a conditional approval pending correct pay information. He asked for your stubs just to save time instead of asking for them later.

3. If for some reason you aren't approved then no, you are not obligated to buy the car. You might go through a bit of hassle to get the deposit back though, though it is 100% refundable unless they called it a partial payment.

4. Which dealer?

Edit: the deal isnt completely finalized, but you do have an agreement saying you will purchase the vehicle if the financing works out. I think you just misenterpreted what the salesperson meant by approved. He doesn't know anything about you, doesn't talk to the bank, there is no way he coudl jump to that conclusion

[mr_chin]

Thanks. I am just afraid that if I don't get approved, I am bound by contract to purchase the vehicle through another way. Or if I back out after being declined, there will be some sort of penalty.

Openroad Honda is the dealership.

[falcon]

If financing falls through you are no way required to purchase the vehicle. My bet is he meant the "deal" was approved. As in the manager agreed to your price. Happens every day at my work. You can't apply someone to finance without things like a SIN number.

[Jgresch]

Originally Posted by aznlangjai

Thanks. I am just afraid that if I don't get approved, I am bound by contract to purchase the vehicle through another way. Or if I back out after being declined, there will be some sort of penalty.

Openroad Honda is the dealership.

If people sign, saying they will purchase, and then the financing falls through, we make them wash dishes in the back until the car is paid off.

[donjalapeno]

jgresch is the next jim patty.

[Jgresch]

Actually.... Jim pattison is the next Jgresch........

[donjalapeno]

^

and op this car is a steal http://vancouver.en.craigslist.ca/rd...911033000.html , if your into lexus

[Jgresch]

I bet that thing was hit by a train.

[donjalapeno]

^ prolly, worth calling and asking tho....IS250s are sexy

[Jgresch]

8-10 grand less than everyone else though....

[donjalapeno]

yeah dunno some people arent picky about rebuilts so i thought id share