2006-07-13 16:34:26 · 7 answers · asked by Curious 1 in Cars & Transportation ➔ Buying & Selling
the loan was aproved. I have another car and I was told by the salesperson I did not have to trade. the bank is now sayig they want me to trade. I will speak to the deal on tuesday, but I was told I was approved, and all contracts are signed.
2006-07-14 02:19:36 · update #1
The dealer is not "withdrawing" ...He has tried to get a lender to approve your loan [ for 2 weeks ] Believe me ....taking the car back is the LAST thing he wants to do
ask if you can put more money down ,..that may make a difference in the lenders eyes
I am sure you signed a paper that said " This contract subject to bank/loan approval' or words to that effect
OTHER OPTION....get a loan at your own bank or credit union & pay the dealer cash
2006-07-13 17:32:02 · answer #1 · answered by Vicky 7 · 2⤊ 0⤋
They are not withdrawing. They spot delivered this vehicle to you with the intentions that a lender would buy the deal. It is hard to find a lender that will finance a customer with multiple autos on his/her credit report unless they have perfect credit. Even then, it can be hard because of the debt to income ratio. Plus, most dealerships use generic contracts which aren't assigned to any certain bank. A deal is not completed until the dealer has received funding from the lender. Up until that point, the dealer get the vehicle back.
2006-07-14 07:41:23 · answer #2 · answered by phillipwalker 1 · 0⤊ 0⤋
Yes, sometimes when you walk out of the dealership with a new car in hand, they have given you this vehicle on the idea that they can sell your loan package to a bank, and sometimes they can't. This is kind of rare because most are good at what they do, but I have seen this a couple of times. Be careful, some will charge a restocking fee of 15% or more or a daily useage fee which can add up, other will simply apologize and take your keys.
2006-07-13 16:39:50 · answer #3 · answered by JoelMBA 3 · 0⤊ 0⤋
Not if they signed the contract. Make sure the contract doesn't say anything about them being able to withdraw though.
2006-07-13 16:37:37 · answer #4 · answered by ekaty84 5 · 0⤊ 0⤋
In California , the dealer has 10 days to get you finance, if the deal don't go down and they fail to notify you whit in the ten days, by law they have to finance your loan "in house" regardless your credit ....
2006-07-13 19:41:09 · answer #5 · answered by carselsman 2 · 0⤊ 0⤋
sounds like your application for the loan didn't fly. If your credit isn't good ...he's gonna take back the car until you find a way to pay him for it.
2006-07-13 16:40:52 · answer #6 · answered by dathinman8 5 · 0⤊ 0⤋
hide
2006-07-14 00:44:21 · answer #7 · answered by jay 7 · 0⤊ 0⤋