Tips on Buying Cars: Income verification, income verification, finance manager

Question
Hi I feel I was hosed on a 09 used car and the finance manager wants income verification for the lender and they stated they need to change lenders. I have no copies of any of the paperwork I signed but I don't want this car bc they ripped me off which is my fault but is it legal to not provide the info? They currently have the car in the shop tinting the windows, etc and I have a rental from them. I just want the car back that I traded in. i live in TX

Answer
Kay,

Thanks for your question.  Technically it is the state and federal law that they have to provide you copies of everything that you signed.  It is however your responsibility to get that information from them.  If they are needing income verification, then they can not get the loan funded without it, but understand that until your contract is sold to another lender, you are in a binding contract with the dealership.  In essence the dealership is your lender, and has the same rights that a bank has, such as if you don't make your payments, they can repossess the vehicle from you and put it on your credit.  However, most dealerships don't do that, because they don't want the liability of it all.  

Simply go to the dealership and explain to them that you fill you were ripped off, and want to return the car.  I don't know why you feel that you were ripped off, but if it is something that the dealership can fix with you, then give them the chance to fix it before you just back out of the contract.  You are contractually obligated to provide them any information that they request in the acceptance of your loan from the bank.  

Hope this helps.

Thanks - JB