Balto
Furfag
- Joined
- Mar 13, 2016
- Threads
- 2
- Messages
- 287
- Reaction score
- 142
- Location
- Apple Valley
- Vehicle(s)
- 2016 EX-T, 2000 Honda Insight
- Vehicle Showcase
- 1
- Thread starter
- #46
Until I have the title in my hand no, it is not my car, sadly.This is inaccurate and potentially dangerous advice - if financing legitimately fell through, they most certainly can take a car back.
The essence of financing is that the car belongs to whatever bank loaned you the money, until you either pay it off completely or return it at the end of your lease.
They may have to eat the cost of depreciation since the vehicle is no longer new, but they would not fork over money or finance it in house if the applicant's credit application is denied.
What they will do when you refuse to return the car is send repo-men, and add a big ding to your credit report.
The OP handled this very maturely and it worked out for him; but it is still not his car.
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