Laid off and got a new car

[MsTammys]

I was laid off 2 weeks ago I got a lease 5 days ago since my old car was giving me problems i just receive a call they will do employment verification to close the loan what will happen when they find out that I was let go? I can make my car payments I have money saved up and I have offers for other jobs already will they take my car back?

[Anonymous]

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@MsTammys wrote:
I was laid off 2 weeks ago I got a lease 5 days ago since my old car was giving me problems i just receive a call they will do employment verification to close the loan what will happen when they find out that I was let go? I can make my car payments I have money saved up and I have offers for other jobs already will they take my car back?

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I'm sorry you lost your job.  Are you saying you were able to drive off the car lot without the delership verifying your employment?  

[MsTammys]

At the time the dealer asked me for proof of employment I was still employed. Ally financial just called me to tell
Me they were going to do the employment verification via fax

[StartingOver10]

Hopefully you will have a new job in place immediately so you can have them verify the new position. I don't think they will let you keep the vehicle with no income. 

[Anonymous]

did you transfer your old plates ,  or get new plates    ,   the dealership owns the car untill Ally funds the deal to the car dealer.   do you have a account number yet or setup online access. the dealer owns the car still, so if they dont get funded you willl have to return the car.

[Anonymous]

That could be a pretty big issue.  When you sign you agree that if the financing falls apart you will return the car.  The finance department will do everything they can to prevent that from happening because they lose money when cars come back because financing fall through.  I would call the finance manager and explain to him what is going on so they can use their relationships with the lender to keep you in your car.  Better to be pro-active.

[Anonymous]

Some states have a max time frame for them to verify the details of the loan. In WA it's 3 business days. See what your state is. If it's passed the timeline then there is nothing they can do besides be pissed.

[Anonymous]

You said you git laid off 2 weeks ago but got a car 5 days ago , but then you said you were still employed when you git the car?

[lincar66]

Ditto how does that work if that true then technically you lied on the paperwork. But I think you will be fine if you can prove new job and liquid assets

[Anonymous]

Just send in most recent paycheck stub. That or maybe they called your employer and your ex employer said you no longer work there? What is your credit score?