I am really frustrated right now....I just got a car about 2 weeks ago, my father put it in his name cause he has better credit than I do.... well just yesterday He gets a letter in the mail saying that... the loan has been denied because of "low credit experiance"??? What the $#&@!!!
We put a down payment and every thing and its been @ freaking weeks... What am I suppose to od. I really like the car.. but I have this feeling..... that I have to give it back... what can I do to prevent this from happening...and if I give it backl what about my down payment!!
2007-03-04 13:13:30 · 2 answers · asked by taneiad 1 in Cars & Transportation ➔ Buying & Selling
Don't fret just yet!
Sometimes dealers will submit credit applications to more than one lender.
You may get multiple letters, from different lenders, denying the loan.
But if the dealer hasn't contacted you, then they probably have you approved at another lender.
You can call them to see if this is the case.
If they (the dealer) are unable to secure a loan for you, you can try to apply to your own bank or credit union for a loan as well.
Your Father should be the one applying for the loan.
If the bank knows that the vehicle is not for him, but for you & if your credit is not as good as his, the loan might not be approved at all.
Chances are that they DO have an approved loan, or they would have called you to make other arrangements, or to get the car back. It's best to call the dealer & find out if this is the case.
2007-03-04 15:50:59 · answer #1 · answered by Vicky 7 · 1⤊ 0⤋
.If the dealer made a delivery of the car to your father before the credit was approved, this is call "spotting" and is illegal in my area. The dealership had to take the car back and return the customers money.
2007-03-04 13:42:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋