THE NEXT DAY THEY WERE STILL WAITING FOR APPROVAL.NOW I ALREADY HAVE THE VAN AND HAVE HAD IT FOR 5 DAYS NOW.STILL WAITING FOR APROVAL THOUGH.MY QUESTION IS WHAT IF THERE IS NO APPROVAL????WHAT IF THEY SOLD MY TRADE IN ALREADY???CAN THEY REQUEST TO HAVE THE VAN BACK???
2006-08-17 16:42:03 · 12 answers · asked by jimtheglassmaster 2 in Business & Finance ➔ Credit
My hunch is that they checked your credit rating (something they can do in 10 minutes), saw your score was okay, and therefore the approval is just a formality.
They may, however, surprise you with a lousy interest rate. Financing through a dealership is often at a really bad rate.
They would not have let you have the van if your credit rating (or score) was bad.
2006-08-17 17:05:10 · answer #1 · answered by West Coaster 4 · 1⤊ 0⤋
Read the contract. Generally if the dealer cannot obtain financing, they will either restructure the deal, meaning allow more for your trade, get more cash down from you, or reduce the cash selling price in an attempt to get a lender to approve the loan application. If they fail to get a lender to approve your application, they will call you and take the car back from you.
Again, check the documents you signed. There will be a finance caveat somewhere. You may also be liable for the mileage that you put on the car while the dealer is trying to complete the financing. READ YOUR CONTRACT AND THE OTHER DOCUMENTS THAT YOU SIGNED.
If the dealer has already sold your trade, which is possible, but unlikely. Then the dealer will find a way to get your financing approved. The dealer may have to "sign recourse" on the contract which means if you default, the dealer agrees to pay the lender the remaining balance.
Call the finance manager and insist on being told the status of your loan. Check to see if you're going to be charged mileage...it adds up fast.
Good luck!
2006-08-18 02:03:03 · answer #2 · answered by Adios 5 · 0⤊ 0⤋
You need to talk with the manager and find out what's going on. If you don't get the van and they sold your trade-in then you get to sue them. Sure they can request to have the van back. Hopefully you have insurance on it. Usually you don't get the keys unless all the paperwork is signed. Where you dealt sounds like a fly-by-nite. Did you check to see (online) to see who the former owner was? Could there be a problem in getting a title or a clear title and that's what's holding up your financing? Why not go to the police and tell them your situation and ask them to scan their records to see if the van was stolen.
2006-08-17 17:22:14 · answer #3 · answered by sophieb 7 · 0⤊ 0⤋
i might touch an criminal expert and characteristic them call the broker. i think of you will pay attention from them exceedingly as we communicate and get your vehicle lower back. The old "you in basic terms qualify for a some distance better pastime and we bought your vehicle so which you have not got a call" trick is used everywhere. do on no account take the vehicle until eventually finally the deal is very final. in the event that they did easily sell your vehicle, they could supply you the fee of the vehicle lower back. no longer what they agreed to grant you for commerce in however the rather honest industry fee which could be so plenty greater. yet you like some criminal help in the different case they'll in basic terms walk over you considering which you're caught in a no longer common place and that they think of they have the top hand.
2016-09-29 09:43:00 · answer #4 · answered by duchane 4 · 0⤊ 0⤋
OK,
I work in this Field. They will call you back and pull a fast one on you. they will say ok your monthly rate is this and seek a high interest rate on you. so they will tell you a payment for a 5 term before while they could sneak into a 6 year. These people tend to be lazy and just toss it at you. You can always refinance right away, i would at least take it into a banker to look at it
2006-08-17 17:29:05 · answer #5 · answered by sarah a 2 · 0⤊ 0⤋
Sounds like some 'ish to me.
Why come you even thought it was cool to leave the car lot without a signed PURCHASE AGREEMENT in hand AND they have YOUR ASSET -- the trade-in?
Do they have your car title to the trade-in too?
Good gawd!
What legal document do you have in hand that codifies the terms and condition of this van you allegedly purchased?
2006-08-18 12:06:52 · answer #6 · answered by DaMan 5 · 0⤊ 0⤋
Yes, in the documents you signed, it does state that they must find financing for the vehicle. If they are having a hard time, you may be a high credit risk . you may also want to shop around and see if you can get financing if you really want this vehicle.
2006-08-17 18:25:49 · answer #7 · answered by elenanita 3 · 0⤊ 0⤋
sounds fishy to me
if they sold your trade, there would be a great legal batle in the works
if they ask you for more cash or a different rate now, go to your better business bureu, hope it all works out
2006-08-17 16:53:06 · answer #8 · answered by head_banger_yyc 4 · 0⤊ 1⤋
yes this happend to my friend before and they tryed to taket he car back but she worked out a payment plan with them that was ok for her so she got to keep the car
2006-08-17 17:00:59 · answer #9 · answered by nancy g 2 · 0⤊ 0⤋
They let you take the car without signing a purchase agreement or loan papers?
"Car?....What car?"
2006-08-18 05:10:17 · answer #10 · answered by Anonymous · 0⤊ 0⤋