Is it a repossession when the bank couldn't finance you and the dealer had to take car back?

No.

Is it a repossession when the bank couldn%26#039;t finance you and the dealer had to take car back?

no. repossession is when the bank takes the car because they still own it but you stopped paying them back for it. the deal is, they pay the dealer, you get the car, you pay them back and then the car is yours. before then, it%26#039;s theirs.

if the dealer takes the car back, that%26#039;s not a repossession. that%26#039;s just bad business on the part of the dealer. he shouldn%26#039;t have let you leave without something coming through for sure. it literally takes minutes to get decisions back from multiple banks.

Is it a repossession when the bank couldn%26#039;t finance you and the dealer had to take car back?

No...you given the car under the assumption you were credit worthy...you obviously were not....so giving the car back when you have not been financed yet isn%26#039;t a repo...you may inquire the dealership as to what can be done to get you financed...whether a bigger down payment or maybe a less expensive car. If they want to sell you a car.....they will help find a way to get you car.

Is it a repossession when the bank couldn%26#039;t finance you and the dealer had to take car back?

No it is not a repossession. I had that happen to me....they let me keep the car for over a month and then told me they couldnt get it financed so I had to bring it back. Just make sure they give you your downpayment money back.

Is it a repossession when the bank couldn%26#039;t finance you and the dealer had to take car back?

Yes, that is a repo. Even if you give the car back to them, they have to sell the car over again and if they sell it for less than was owed on it, you will still be responsible for the difference.

Is it a repossession when the bank couldn%26#039;t finance you and the dealer had to take car back?

the first person was correct in their answer to some degree. no it wont count as a reposession against your credit, unless the dealer had a hard time getting the car back from you. they can report you against the credit bureau if you refuse to return the car and are forced to %26quot;reposess%26quot; the vehicle. if you just brought it back there%26#039;s no problem usually.

as far as the previous answer. most dealerships %26quot;allow%26quot; their customer to drive the vehicle while the dealership is in the process of arranging financing. often the banks will not accept the customer for credit reasons, for loan to value reasons, and for other reasons. (sometimes just fraud) usually a dealer lets the customer know this upfront. it doesnt happen often, and no dealer wants it to happen either. because their/our ultimate goal is to sell a vehicle not get them back. and you usually do not have a happy customer who will probably not return to the dealership and will probably talk bad about the dealership afterwards, even if it is the customers fault for credit or fraud reasons.

often the banks will respond quickly (electronically) and often it can take awhile to get a response. or the bank may offer certain financing terms and the dealer will try to get better financing for the customer or better terms in general, more money in negative equity situations or if the bank just wants to be in a better loan to value ratio. so it doesnt always happen overnight. we and customers have forgotten the days when everything went by fax and took 4 to 5 hours just to get anything back, and now were impatient. again both customers and dealers.

Is it a repossession when the bank couldn%26#039;t finance you and the dealer had to take car back?

when you don%26#039;t pay the notes the bank will come to get your car and also ruins your credit