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I leased a c70 volvo from our local dealer. Later in the day the dealership called to say that I had not been approved and would need a co-signer. Must the contract be renogotiated?
Yes, obviously if credit worthiness has failed, for whatever reason, then there is no consideration for the contract, and the contract fails; i.e., void. If the dealership cannot obtain an approval from its "backer" for the loan due to your failure in credit, then the contract must be re-negotiated - - insofar as credit is concerned, and who will back you in the event of default. |
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