I purchased a car from a dealer. At closing, they said my financing looked fine. I signed the papers and drove the car home. A week later, the dealership called to inform us that our loan had been rejected by the lender. I already sold the car I had. What now?.
Related Questions and Articles
No spam or unwanted phone calls
Quotes from top insurance companies
Car Insurance by Make
JERRY INSURANCE AGENCY is a insurance agency in 50 states. JERRY OFFERS INC. is a loan broker/lender. You can view licenses issued by NMLS using the NMLS-2129773 Identifier Number for JERRY OFFERS INC. Copyrights © Jerry 2022. All rights reserved.
1-833-445-3779(8am – 8:30pm ET, 7 days a week)
Does the right of rescission apply to auto loans?
Only mortgage refinances, home equity loans, and home equity lines of credit (HELOCs) are subject to the right of revocation; purchase loans are not.
What loans does right of rescission apply to?
Only specific home loan types, including refinancing, home equity loans, home equity lines of credit (HELOCs), and some reverse mortgages, are subject to the right of rescission. For example, you cannot terminate a contract for the purchase of a new home.
What does it mean to rescind an auto loan?
However, there are some circumstances where you can actually cancel the loan within a specific amount of time. Here’s what you need to know. Certain types of loans may be canceled legally under the terms of the right of rescission within a certain time frame without incurring any fees.
Is there a 3 day right of rescission on a purchase?
Once the closing papers are signed, you do not have the right to cancel a mortgage if you are purchasing a home with one. You have until the end of the third business day following the transaction to rescind (cancel) the mortgage contract if you are refinancing a mortgage.