Couple may lose car over financing snag

Dear Terry,
We bought a car over a month ago but got a call today telling us that financing was unavailable. Do we have to return the car or does the dealership have to finance? We put $1,000 down.
-- Denise

Dear Denise,
You probably signed a conditional sales agreement with language that said if the dealership couldn't get you financed, you'd have to return the car. The dealer will probably offer you a couple of options, which will likely involve putting more money down and getting a loan at a much higher loan rate.

If you try to get your $1,000 back, they'll likely charge you a certain amount per mile based on what you've accumulated on the car. Good luck.

Here are this week's reader questions:

• Top 10 deeply discounted 2008 cars • How can I get rid of a smoky-smelling truck? • Does my dealer have to finance my purchase? • Who decides which APR type to use?

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