but now, I receive a letter from Equifax saying my loan wasn't approve. Can they take my car back even when I have the tag?
2007-08-11 14:56:58 · 3 answers · asked by diana 2 in Cars & Transportation ➔ Buying & Selling
Most likely they can take the car back. Many dealerships do a "spot delivery". This happens for a number of reasons, but often occurs when you want to buy a car when the banks are closed. Dealerships will let you take the car home and usually get financing within a few days to seal the deal. I am assuming you bought the vehicle recently.
You probably signed alot of paperwork that read something to the effect of "subject to approval". Dealerships take a look at your credit and use rate guides to give you the monthly payment. When the banks are open (or they get time), they will get financing for your vehicle. Sometimes the banks do not agree to finance the transaction, and the car will ultimately be returned.
However, realize that the dealership most likely tried to get multiple banks to finance your vehicle. Some of them may have declined, in which you might receive the letter, and another bank may have approved you for financing.
The best thing to do is to contact the dealer you bought the car from, as for a finance manager, and tell them about the letter and inquire about the status of your loan. Hope this helps.
2007-08-11 16:09:33 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I would like to know how the credit reporting agency has anything to do with the bank financing your loan or not? Why is Equifax sending you a letter telling you your loan wasn't approved? That would be the bank or the dealership trying to sell the car to you not the credit reporting agency? Are you sure? The first people to know if the deal is going to unwind or not would be the BANK FIRST and then THE SALESMAN OR FINANCE MANAGER and then THEY WOULD CALL YOU about your financing to either REWORK THE DEAL OR TAKE THE CAR BACK. The credit reporting agency has nothing to do with any of it exept tell those folks how good or bad your credit is based on your history. OH WELL?
2007-08-11 15:15:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Who did you finance it with? Equifax is a credit-reporting agency, not a finance company. I would contact the bank or loan company that originally approved you for the loan and find out what's up. Or go back to the car dealership.
2007-08-11 15:13:58 · answer #3 · answered by Resident Heretic 7 · 1⤊ 0⤋
If you have been approved you have been approved that is just a letter from them stating that one of the banks turned you down. They send the loan to multiple places at one time thats all
2007-08-11 15:15:54 · answer #4 · answered by Pengy 7 · 1⤊ 0⤋