I bought a car on Friday from CarMax. I dont have great credit, so they found a lender willing to finance me for 18.9%. I took it cuz I needed a new car. Anyway, yesterday, I got another approval from a different lender at 13.8%. I'd like to do the 13.8% because it drops my payments about 40.00 per month! What can I do? I'm assuming there is something I can do since I just bought the car 4 days ago.
2007-03-06 01:45:00 · 3 answers · asked by Coltsgal 5 in Business & Finance ➔ Credit
Sounds like CarMax screwed up. They most likely went with the first approval they got rather than waiting to see what other banks approved after they submitted your deal.
Contact your present lender and request a 10-day payoff amount, then contact the second lender and tell them what happened. They should be able to help you. You may have to go back to CarMax and re contract since not all lenders work directly with the public. If this happens, take your 13.8% approval with you and do not sign any contract until you have checked the interest rate. Most dealers mark up the buy rates they get from lenders anywhere form 1-3 points.
2007-03-06 02:29:53 · answer #1 · answered by ? 7 · 0⤊ 0⤋
1
2016-09-26 07:59:56 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Ask for the payoff from the first lender and then the second should be able to refinance it for you.
2007-03-06 01:52:42 · answer #3 · answered by The Answer Guy 2 · 0⤊ 0⤋