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Discussion Starter · #1 ·
I got my Nitro Feb 28. Today I got a phone call from the finance manager of the dealership asking me to stop by. My Nitro had just been return off of Demo status, so it had 6000 miles on it. When I went to the dealership I was informed by them that the bank had turned down my financing due to the dealer trying to finance it as a new car. When the bank sees the 6000 miles pop up on the paperwork they turned it back to the dealership.

I was informed that they were trying to find me a new Nitro to replace mine, but if they can't find one that I am happy with they will have to give me back my trade in.

What are the legalities here. I have had this car for 16 days, and put almost 2000 miles on it. I have all the signed paperwork from the dealership stating that they financed me, and that the car is mine.

Can they legally take the car back? or should I make them try to get this one finance d correctly if they cannot find another one that I like.
 

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I thought that banks usually still considered a car loan a new car loan as long as the car is one of the last 2 year's models? So even if it has 6,000 miles on it, they consider it new because it's an '07. That's how my Credit Union is. The last two cars I've bought, I bought from a Repo lot. One had 17K miles on it and the other had 35K miles on it. Both were considered new in financing because they were only 1 or 2 model years old.

I'm not sure why yours would be different.
 

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I got my Nitro Feb 28. Today I got a phone call from the finance manager of the dealership asking me to stop by. My Nitro had just been return off of Demo status, so it had 6000 miles on it. When I went to the dealership I was informed by them that the bank had turned down my financing due to the dealer trying to finance it as a new car. When the bank sees the 6000 miles pop up on the paperwork they turned it back to the dealership.

I was informed that they were trying to find me a new Nitro to replace mine, but if they can't find one that I am happy with they will have to give me back my trade in.

What are the legalities here. I have had this car for 16 days, and put almost 2000 miles on it. I have all the signed paperwork from the dealership stating that they financed me, and that the car is mine.

Can they legally take the car back? or should I make them try to get this one finance d correctly if they cannot find another one that I like.
I'd see if I could get some cheap legal advise. I was always under the impression that as long as the vehicle was never "titled" it was a new car. Demo miles??? I mean that could be anything. I bought my 02 Envoy in 03 and it was a manufacture rep car. It had 22K on it and it was sold to me as new with GMC financing. My guess is that the bank thought that the loan amount should be lower due to the miles on the car. In other words for the dealer to sell it to you at that price they should have got more down and financed a little less. The bank feels the loan isn't "secured" enough would be my guess.

I would bet that they either won't be able to find you a Nitro or if they do find you another one the dealership says it costs you more out of pocket. And why should that be if both were originally considered to be "new"?

I'd see if you do legally have to turn it back in or if the dealership doesn't have to make up some difference with the bank to make the loan fly under these circumstances.

Good luck.
 

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Discussion Starter · #7 ·
News on deal

Well, called the dealership today. Looks like they have found me another Nitro, with all the same options I had plus the gray running boards. The only difference is that the color is Inferno Red instead of black.

Dealer asked me when I could be there to resign the paperwork, and I asked when they would have the car on the lot. They have to get it from a dealership in Tennessee.

I will keep the black one till they get the red one in, do a fine tooth inspection on it before anything happens.

Will update on status of deal when everything happens.
 

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Discussion Starter · #10 ·
The final deal

Well, it seems that my final deal is in place. The dealership ended up financing my Nitro as a used car, the way it should have been done in the first place according to the bank they were using.

I am happy that everything is over and done with, and I don't have to start all over again with a new Nitro.

Now I can really start to look at what I want to do to make this one really my own.

Thanks for all the comments.
 
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