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Originally Posted by SlickCash Brock
They are obviously well within their right to repo the truck and return the customers trade, or they would not have taken the action they did.
MY $0.02
The reason i know about the new car business......I ran a new car store for 10 years.
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WRONG. They had a SIGNED contract. This guy will get his truck and some extra cash for his troubles once this goes to trial. Unless you ran a car business in Tennessee you better check your facts.
Here's a similar situtaion
"I purchased a car and drove it home. Three weeks later the dealer called to inform me that the financing was not approved by the financing company. The dealer stated that if I wanted to keep the car I would have to give him another $1,000 and get a cosigner. Is this legal?
The consumer is only obligated to the terms of the contract they have signed, which includes terms of the financing contracts. If the dealer attempts to change the terms of the contract by raising the down payment or the annual percentage rate, the consumer is not required to agree to the changes. Consumer Options: 1. Cancel the sale, retrieve the down payment and/or trade in and purchase a vehicle elsewhere. 2. Arrange for his own financing and pay the dealer cash. 3. Insist the dealer adhere to the terms of the original contract but it may be advantageous for the consumer to consult private legal counsel for assistance before responding to the dealer. "
http://www.justiceforyall.com/docs/consumer_auto.asp