Ok, so I found a car with a private seller that I had intended to purchase. I even left a $300 cash deposit. Yesterday I went to the bank and finalized the loan. After the fact, my fiance insisted that I take the car to a AAA mechanic for a cheap inspection. The seller and I did so to give her some peace of mind. Low and behold, the check engine light pops on this time around (wasn't there during the test drive). The mechanic, I believe, wasn't familiar enough with the vehicle (a Volkswagen Turbo Diesel) and could only give a vague response in regards to the engine code that came up during inspection. He said "it could" be a big problem and may or may not have something to do with the turbo. In any event, I can't legally get the vehicle smogged in California until the check engine light issue is remedied. California sees smogging as the seller's responsibility.
Now, the seller says he is going to work on getting the car fixed and get back to me. Meanwhile, I'm sinking cash into a car rental and I've found some other excellent options in the same price range. As the loan is in cash form, is there any legal issue with purchasing another vehicle with the bank's money? I'm not really clear if there is actually some kind of lien-like contract involved in the transaction, tying the VIN of the aforementioned vehicle to this transaction, that would cause difficulties for myself or the seller if he sells the car to someone else and I buy a different one.
I understand that I could just call the bank, but if this is an issue where it is perfectly legit to look elsewhere, but the bank would "frown" on it, I'd rather get a forum opinion first. I would imagine that I may have to pay another loan origination fee and another spell of paper work would be involved if I started over. I'd rather just purchase a clean vehicle and get on with life if this is at all possible.
FICO Scores: TU08: 674 | FAKO EQ: 745 |
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