Did I just get a free car? How? 8 Answers as of September 15, 2015

Bought a car from dealership. Financed through wells Fargo. Went to make first payment and wells said we don't have a loan for you...your credit app was denied. Their name is on the title as the lien holder but there isn't a lien. Dealership is trying to get me to sign a new contract with different lender at different rates. Is it their responsibility to get the money from wells? Can I get a statement from wells to take their name off my title?

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A Fresh Start
A Fresh Start | Dorothy G Bunce
When you bought the car, you signed a contract saying you would pay for it and how much you would pay for it. Read the fine print, if the dealer cannot get you financed, I am sure it provides for repercussions. I guarantee you did not get a free car because Wells Fargo will not approve your financing. Even auto dealers are not that dumb.
Answer Applies to: Nevada
Replied: 9/15/2015
Ronald K. Nims LLC | Ronald K. Nims
No, there is a legal technicality called "unjust enrichment", which will result in you paying the full price. If you don't make a new arrangement with the dealer, it will hurt your credit score.
Answer Applies to: Ohio
Replied: 9/15/2015
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
I would bet that the contract requires you work with with dealership to get new loan approved. No such thing as a "fee" car.
Answer Applies to: California
Replied: 9/14/2015
The Schreiber Law Firm
The Schreiber Law Firm | Jeffrey D. Schreiber
No you do not have a free car. And if you do not go over to the dealership to see if they can get you financed somewhere else, you may not have a car at all as they can unwind the deal and take the car back. Your application for credit was denied by Wells Fargo. They have not paid the dealership any money. It does sound like the dealer thought Wells Fargo would finance the loan, so the dealer sent the paperwork to the DMV listing Wells Fargo as the lender. Since Wells Fargo denied the application, the dealer will need to place your loan somewhere else and the dealer will have to correct the lienholder to whoever agrees to take the loan.
Answer Applies to: California
Replied: 9/14/2015
R. Steven Chambers PLLC | R. Steven Chambers PLLC
No you didn't just get a free car. Sorry. It depends on what your contract with the dealer says about what happens if Wells Fargo denies your credit. You might be able to give back the car and walk away. On the other hand the contract might require you to accept any financing they can find, even if it's at 19.99% or higher. Your best option is to IMMEDIATELY talk to an attorney about your rights under the contract.
Answer Applies to: Utah
Replied: 9/14/2015
    Law Office of Joshua R.I. Cohen
    Law Office of Joshua R.I. Cohen | Joshua Cohen
    You need to talk to a consumer lawyer ASAP. There is a great firm in Rocky Hill that does auto work that can help you. If you don't re-sign, I think dealer will try to repo your car. Talk to attorney ASAP, you can't do this alone.
    Answer Applies to: Connecticut
    Replied: 9/14/2015
    Edelman, Combs, Latturner & Goodwin, LLC | Daniel A. Edelman
    No you did not get a free car. You have the choice between returning the car and signing for new financing.
    Answer Applies to: Illinois
    Replied: 9/14/2015
    Stacy Joel Safion, Esq.
    Stacy Joel Safion, Esq. | Stacy Joel Safion
    No free cars. You either get a new loan or give the car back and have them return your deposit.
    Answer Applies to: California
    Replied: 9/14/2015
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