(Closed) Can this happen? Bought a car and three weeks finacing was denied?!

posted 6 years ago in Legal
Post # 3
Member
4803 posts
Honey bee
  • Wedding: September 2011

Can they even do that if you signed a contract??I have no experience, hopefully someone else posts who knows about this, but that just seems wrong!

Post # 4
Member
5785 posts
Bee Keeper
  • Wedding: May 2011

I had the dealer mess up my loan (they couldn’t offer a 60 month loan for the model year of my vehicle). They had to negotiate another loan with another bank. I’m pretty sure they had to eat some costs but it was their mistake not mine.

Post # 4
Member
3773 posts
Honey bee
  • Wedding: December 1999

They might have checked with multiple banks to find you the best rate. I would call and ask. They wouldn’ t let you leave with a car if you couldn’t finance it.

Post # 5
Member
1934 posts
Buzzing bee
  • Wedding: August 2012

Free car?  Haha jk….that is REALLY strange.  It’s gotta be a mistake on their end.  Call immediately!

Post # 6
Member
624 posts
Busy bee
  • Wedding: November 2011

When you bought the car, the dealership applied at multiple banks for your loan. Than they gave you the loan (with the best rates?) well they gave you a loan. Now another bank the dealer applied at, denied the loan, but it doesn’t matter. You have your loan and you have your car and you can disregard this letter and anymore that come any bank other than your lender.

Post # 7
Member
1488 posts
Bumble bee
  • Wedding: April 2012

When Fiance bought a car they tried to fiance it through 3 different lenders. One was approved and we left with the car. A month later we got denial letters from the two other lenders.

Is the letter from the lender that the same bank your car finance is through??

Post # 10
Member
1568 posts
Bumble bee
  • Wedding: September 2012

This is weird.

Is the letter from the bank you got the financing through? When you get an auto loan at a dealership they send your info to MULTIPLE establishments. You may get denied by Capital One but approved by Chase (just examples). The dealership comes back to you with the best rate (this is also why you get a bigger hit on your credit score than if you were to just go to your local credit union or bank). If the letter is from the actual lender you have your loan from you need to call them. I would do that before calling the dealer. Good luck!

Post # 11
Member
1488 posts
Bumble bee
  • Wedding: April 2012

Have your Fiance call the dealer to find out what is going on. I am sure it is just a misunderstanding. Trust that if the deal fell through they would have sent someone out to get the car from you. They wouldn’t have sent a letter.

Post # 13
Member
5668 posts
Bee Keeper

This was my biggest fear when I bought my car and why I made sure I got my own financing through a credit union. I would try to find out what’s really happening from the dealership because I believe they can legally take the car back if financing falls through…

Post # 15
Member
1568 posts
Bumble bee
  • Wedding: September 2012

@roxy821: I’m sure everything will work out. If financing did fall through its worth going to a credit union and seeing what they offer. I bought a new car this past summer, I had always done my banking at TD Bank but I went to a credit union, joined, threw $100 into the account and went there 2 days later and gpt an auto loan at 2.99%, some CU’s have great rates right now, some people qualified for 1.99%, unfortunately I wasn’t one of them, but I was still pretty happy with 2.99% 🙂

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