Overhaulin'

I got a pre-approved car loan through Capital One and purchased a vehicle from a Honda dealer. Help?

Now I get a phone call from the dealer stating very rude that i have to go back and sign another contract and that the bank has yet paid for the car stating that I did not get approved and that they have found some other bank to finance me. My question is am I binded by anything if not can i just return the car.?? They gave me the notion that I was approved alredy through the Capital One letter I brought in and I also told them that I did not want to run my credit. But now I am getting decline offers in the mail from them running it. I just want to return the car now. Its been about a month.

Public Comments

1. "Pre-approved" is a tricky thing. Did you get a letter in the mail stating you had been pre-approved with out asking? Or did you go to Capital One and ask for it? If the first you still need to give them the information on the car to make sure they want to lend money on it. You do need to go back to the dealer and figure it out. The way it stands now is you have their car and if they want to get nasty they can send someone to take it back. As for just returning the car it depends on the law where you live. But for the most part they let you take the car because they believed you had a loan, now that you do not its not their fault so they may just take it back. However since they need to get paid and your loan fell through they had to run your credit to see who would lend you money to pay for the car. Also you need to find out why Capital One did not pay.
2. They cannot force you to sign a new contract. If they cannot find a bank to finance the first contract, and you refuse to sign the new contract, they have no other option than to take the car back from you.