Last Friday I applied for a loan for a new vehicle. The dealership told me I was approved, took the deposit check and told me I would have to wait until Monday to sign the papers, but i could go ahead and take the car. So I had it all weekend. I went Monday to sign the papers and all of a sudden we were not approved anymore. This happens to me all the time!! How legal is this? Can I do anything about it or do we just have to lay down and keep taking it? I would really like serious answers to this...I already feel like a big enough dummy without adding more insult to injury.
2007-04-10 09:02:09 · 4 answers · asked by Bad Answer Queen 3 in Cars & Transportation ➔ Buying & Selling
Ok, I didnt lie about anything and they had all the paperwork. Why would I lie to get a car?
2007-04-10 09:29:51 · update #1
I've heard of this happening on the Clark Howard Radio show.
Here's how you stop it from happening again. Get pre-approved for financing from your bank or credit union, preferrably the credit union.
Then you can walk into the dealership buy your car, and let the bank pay them.
2007-04-10 17:48:00 · answer #1 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
The truth of the matter is, yes it is legal for them to do this. it is in deed bad business. The problem is, the dealer has a goal for the weekend sales (friday thru sunday), they will do whatever it takes to sell whatever they can. They dont have instant approvals generally before the customer drives off.
A few things could have happened. 1. The dealer thougth they could talk a bank into buying the contract, but needed time to talk them into it. They may have not been able to.
2. The dealer was hoping you would go show it off to all of your friends, and on monday after they find out the bank wont approve the loan as written, you would come up with either a co-buyer or more down payment to get the bank to buy the loan. 3. You may just not have good enough or strong enough credit, and the dealer wanted to take the chance.
I have sold cars, motor homes, and bikes for almost 8 years. i have been unfortunate enough to see this happen far too many times.
2007-04-10 10:12:37 · answer #2 · answered by mac150 5 · 1⤊ 0⤋
This usually happens when you have left off information on the loan application that comes in later and changes things. Since this has happened to you before, I'd bet you have a pretty good idea what is causing it. Either do something to improve your credit, or quit attempting to mislead lenders because they WILL find out.
2007-04-10 09:15:45 · answer #3 · answered by oklatom 7 · 0⤊ 1⤋
Obviously something was wrong or incomplete on your application. If you straighten it out I am sure you will be enjoying the freedom of the road.
2007-04-10 09:19:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋