I bought a 2007 Nissan Altima, can dealership ask for car back?

[cuteL]

I bought an Altima last night, obviously the banks for approval was not open, the car was 17,000. I had already had a pre-approval from my credit union for only 15,000. I did not use the pre-approval because the dealership said they can give me a better interest rate, than my credit union. which they did. So I drove off the lot with the car. The bank called me to verify employment, etc.. but didnt know I already have the car, if financing don't go through do you think the dealership will take my pre-approval check that I still have for 15,000 so i can keep the car, and risk losing the difference,or will they send me on my way and take the car back. PLEASE HELP ME OUT!

 

[Typo]

When you signed the paperwork you signed a conditional approval contract. You can still loose the car if they can‘t arrange a better loan for you. They will have to give you all of your money back if they can‘t get the deal done. If they end up using your preapproved financing, then they will hit you up for more down payment, unless you gave them enough that the total down payment/trade in amount has you needing less that $15K in total financing.

Just do not spend any money on the car until you get a final answer from the dealer.

This is not an unusual situation.

It is a sign that you probably bought too much car for your financial situation. Very risky and all too common in America today.

 

[SkyPilot1]

You may be able to get them to come down to what you are already approved for but there are no guarantees despite what someone else here thinks. Dealers don't want to lose sales but won't go crazy just to make a deal. All you can do is try. If they don't go for the deal, you will need to give back the car.