Was approved for a loan, signed paperwork, took car home on 12/15. It is now 12/31... and I am told the car is still not funded. Finance guy says don't worry about it, that i was approved, and everything is fine. Is 16 days or so too long for the credit union to fund the dealer? They said the credit union is stalling. I was approved with a great interest rate and so on.
I also pulled my credit report today and saw several companies that the dealer pulled reports for, also pulled reports again today.
Whats your opinion on all this?
What are my legal grounds?
Im ready to smack these people with a lawsuit for all the headache Ive dealt with.... the list goes on... thank god for motrin.
2007-12-31 11:46:06 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
there was no "conditional approved" or "preapproved". I was flat out approved, he showed me all my info on the banks webpage, my interest rate and terms and all that stuff. If I was "conditional or pre approved" I would not have went through with the purchase.
2008-01-01 11:41:59 · update #1
What would you sue for? So far you have had free use of a car for two weeks.
Pain in the butt, yes. Instead of being mad at your dealer, why don't you call your credit union and find out why they are risking your new car?
2007-12-31 12:30:33 · answer #1 · answered by Gem 7 · 0⤊ 0⤋
Oh be sure to read all that fine print. When you take the car back, don't be surprised if there's something in that fine print that you will have to pay $x per day that you had the car.
As others have told you, never take a car off the lot without final approval, funded financing.
2007-12-31 15:52:15 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
Sue who?
The dealer? The Credit Union? Right...
You need to read the find print before you drive off the lot. The dealer scammed you into taking the car home, and you did it. Now they are able to change the price because the car was not funded and since you drove it, you are responsible.
I think you should drive it back to the dealer ASAP, and before something happens, and tell them you'll be back once it is fully funded. I'm amazed that your insurance company wasnt contacted before they let you drive off the lot.
I wish you good luck in the New Year
2007-12-31 12:50:36 · answer #3 · answered by edco 5 · 0⤊ 0⤋
You my friend did exactly what the dealership wanted you to do. You took the car home, fell in love with it and now the dealership will call you back and make you an offer of paying more each month for the car, getting a co-signer or returning it
The dealership knows you fell in love w the car and told all your friends about it. They think you will be too embarassed to return it to the dealership.
Unfortunately, you don't have any legal options because your loan was conditionally approved by the dealership. If you read the fine print it will state that when the loan is funded you are fully approved.
I say return it and tell them to call you when the loan is approved!
Never, Never, Never take a car home till it is completely funded by the bank!
Good Luck. If you have any other questions, just ask!
2007-12-31 11:54:15 · answer #4 · answered by C D 4 · 4⤊ 0⤋
Did you buy it from a Kia dealer in Akron, Ohio? Sounds just like what my husband went through three months ago when we purchased our van.
2007-12-31 11:49:50 · answer #5 · answered by If the shoe fits... 3 · 0⤊ 0⤋