bought a car, took it home, but now unable to verify income

yes Air-boss u r right.............lol

 

Read all the contracts you signed.

Buyer beware

 

Laws vary between states. Read the contract

 

As JMD said, read your contract. You have, haven't you? There is no "cooling off" period on vehicle purchases - many dealers post signs to that effect in their sales offices/cubicles. You bought a car, needed financing, and they were able to secure it for you. If you take the car back now, it will be because you just changed your mind. That is not a valid reason to cancel the sale. Now, if you went back and said "I changed my mind about this car, but I still need a car", a reputable dealer will try to help you get into another car that is more suitable. There will be a cost to do this but it's possible they may be able to help.

 

I'm sure they would let you walk and keep your $1000 deposit. What a self induced mess. See what you can work out that will satisfy both parties.

 

Let's not jump to conclusions. OP signed a contract, that may have promised a lower APR than they can actually offer. In my state that means he can walk and get his deposit back. He will have to read his (presumably state compliant) contract to know where he stands.

 

Well the OP was trying to purchase the vehicle in good faith.

If the seller (dealership) jumped the gun on financing? And/Or was just setting the hook for a future refinance? The OP shouldn't "owe" anything in returning the vehicle.

The only thing I would be careful about, is them trying to redo the deal. I've heard stories about dealerships letting cars go off the lot, then financing "unexpectedly" going south, and then the dealership trying to redo the deal, asking for more money, or creating a new deal far less fair or advantageous for the purchaser.

But the financing going south and your income being hard to verify is NOT your fault. The OP shouldn't owe anything outside of the return of the vehicle. And you should get your deposit back.

 

The OP may want to have a preliminary discussion with a Lawyer to help guide him. I'm guessing he has limited funds. However paying a lawyer $150 or so may be cheaper in the long run than this bait and switch the dealer pulled on him with a unreasonable interest rate. This may actually bankrupt him since he was planning a budget based on a known monthly payment and now that has increased from interest rate increase.

It is amazing how used car salespeople will lie and cheat and bamboozle a poor credit consumer into a crazy deal, string his out for a week, than rope him in on a mafia style interest rate protected by a contract. A lawyer can straighten this out or at least advise on what are his legal options. This is probably called for since the OP has no experience in this and the Used Car Dealer does this day in and out for a living. The dealer cannot be trusted since they said one thing on an interest rate and delivered another.

It starts with read your contract. Than call a lawyer and schedule an appointment, bring your paper work, explain the situation from start to finish. Time is of the essence here.

Let us know how it works out.

I also suggest you take a class at the local Community College or Adult Education on home financial economics that can teach you the basics of budgeting, allocation assets, saving an emergency fund, understanding lenders, understanding contracts, restoring credit, etc.

The most important lesson in this you already know.

Remember GOOD CREDIT IS YOUR BEST FRIEND

 

Why can't you verify income?

 

BINGO! No ones responsibility other than the purchasers. Numerous scenarios, I've already speculated, but won't state, because I don't know.

 

If they don't report to credit agencies, then they likely won't do it IF you decide to not make payments either. But they can still repossess the car, take you to court, send the debt to a collection agency, etc.

 

Yes

 

If you haven't worked for pass two years, what do you live on?
Assume you have disability income, insurance checks or savings, you can show them the check stub or bank account reports as proof of income.

 

If OP does not have a stable job now that he can reasonably expect to have for the next 3+ years this entire thread is folly.

 

It may show up as a judgement on the credit report

 

Maybe you should hold off on the car until your situation changes.

Maybe a relative or friend may give you an old car for free. Maybe a free add on Craigslist or a post on Prius Chat explains you need a free car due to a disability

You may want to ask Catholic Charities and they may be able to arrange something.

Maybe a used car and a mechanic friend can help.

Look at your budget. Nothing worse than having more bills than income. The added stress can impact your health

 

Look.
It's easy.
You signed a hunk of paper and drove off in their (your) car. Somewhere on that hunk of paper I'm pretty sure that there is going to be a paragraph or a statement concerning your ability to qualify for financing, but it's kinda hard for me to see it from here because I don't have your contract in front of me...and (Thank GOD!) I don't live out in the PRC.
It's kinda like a first date.
They have expectations, you have expectations.
I'm sure that you in no way misrepresented your ability to repay the loan on the car, just like that I'm sure that they in no way misrepresented the condition of the car-----riiiight?
Right!
So....
Step # first.
Read your contract. Then? Read it again.

I'm probably not understanding your situation but I'm pretty sure that if you "stop payment" then it's either going to negatively affect your credit rating, or your credit is already so far down the crapper that you can't see the end of the T.P. roll, which is why you're having to deal with "in-house financing [that] does not report to credit bureaus."
Rather than ask a bunch of strangers on a Prius Forum, I believe that I would immediately start working with the folks at the dealer that you bought the car from.
So...
Step # next. Don't write to US....talk to THEM.
Talk to the folks that sold you the car. See where their heads are at, and try to negotiate a situation where you keep the car, they keep the down money, and you begin to rebuild your credit.

If all else fails?
Well then YOU'RE probably screwed, because (a) you probably signed a contract, and (2) THEY are a lot better at selling cars than you are at buying them. That's not because you're a dummy, but it's simply that they sell cars for a LIVING.
Start negotiating.
If you can't negotiate....litigate. So seek the advice of a bottom-feeding, toad sucking, bed wetting, cheesy, weasely attorney.
When He/She/It says you have no case....go immediately back to step #next.


Rolling a Prius is a pretty good way to keep your transportation costs low--- IF you can afford wheels. Let's face it. It would be pretty dumb to go into debt for a used Hummer H2 right now, now wouldn't it?

Good Luck!