How long does auto dealer in Arizona have to secure financing on a "spot delivery" purchas

How long does auto dealer in Arizona have to secure financing on a %26quot;spot delivery%26quot; purchase?

I left dealership on Monday 29 May 06 with a used vehicle. I would like to restructure the contract at a lower price or return vehicle and get my trade-in back. I signed a document stating that after five business days the dealer may request the vehicle back on their request if they are unable to secure financing. So I called and told them to either lower the price of the car to the total I am able to get financed through my bank or give me back my trade. They said %26quot;they have as long as the want to find financing%26quot;. Is this true? What are options here?

How long does auto dealer in Arizona have to secure financing on a %26quot;spot delivery%26quot; purchase?

Your best option is to get financing yourself and pay off the contract.

Even if the deal is %26quot;unwound%26quot; you will not get your trade-in back in most cases. There is a very good chance that it%26#039;s already been sold. If this happens, you%26#039;ll get whatever they allowed you on the trade.

For obvious reasons, you should NEVER sign a %26quot;spot delivery%26quot; deal. It should never take longer than 24 hours for an answer on financing a car note. With modern automated credit processing, 15 minutes is more like it. Here%26#039;s a link specific to Arizona: http://phoenix.about.com/od/scam1/a/spot...

You don%26#039;t have any right to %26quot;restructure the deal%26quot; for a lower price or to change any of the other terms. Your only option is to get your own financing and pay off the contract. I do this all the time to get rebates offered in conjunction with financing offered by the dealer.

More than likely that contract stated that the dealer could request the vehicle back within 5 business days if they could not get financing. The 5th business day will be June 5, 2006. If they don%26#039;t demand the vehicle%26#039;s return by then, the deal will stand as written. If they haven%26#039;t located financing by then, they%26#039;ll own the paper themselves and you%26#039;ll make your payments directly to them. However, if you left the dealership with open terms on the financing, you have made a serious error in judgement and are probably being set up for a SCAM.

Check with a local attorney for advice specific to your situation. You may also want to contact the Arizona Attorney General%26#039;s office regarding this SCAM.

How long does auto dealer in Arizona have to secure financing on a %26quot;spot delivery%26quot; purchase?

If they have not transferred title yet, you can get the deal unwound. Just remind the dealer that you will call the bank and tell them you are not happy with the deal and you will not put insurance on the vehicle. This will turn the whole thing upside down. Tell the bank where they assigned the contract that you will not pay, they will not fund the deal and the dealer will unwind the deal. Take a cop to their store and say you want your vehicle back, that you were lied too. This should also work.

How long does auto dealer in Arizona have to secure financing on a %26quot;spot delivery%26quot; purchase?

Well, I am going through the same thing right now. Listen, don%26#039;t sign any more contracts!!!! Get a Lawyer!!!! You can sue for so much, like breach of contract, and truth lending law, and all kinds that only a lawyer can help with. I kept mine for 3 months, and then it was reposessed last week. They have done something that is illegal, and you should teach them a lesson like I am in the process of doing right now. Don%26#039;t wait. Find a consumer lawyer, and you won%26#039;t have to pay anything!!! The dealer will if you go all the way to court. Hey you won%26#039;t lose anything. You will win this case. Contact me if you have more questions.