V
Verrrynice
Guest
What is the name of your state? Oregon
I applied for an E-Loan over the internet for a vehicle on 01/13/03. Got an approval letter on 01/14/03 which says APPROVED in bold red letters at the top. The contract gave the amount of the loan approved for $26,000 and all contracts were signed and returned. I was told both by email and by phone of the approval. Was given monthly payment amounts and was told to go shopping for a car. They had given us a voucher for the loan amount and some restrictions on the type of vehicle we could finace and was told this is the same as cash to the dealer all that was required was for the dealership to fill out their portion and fax it in and the dealer would have their $$ in 72 hours
On 01/21/03 we found the perfect car, made the deal signed what papers we needed to as the dealer did also. Called E-loan got the authorization code numbers and was told that was it, money would be wire transfered to the dealer within the 72 hours. I used a trade in and a little cash as a down payment and drove our new car home on 01/21/03. I got a conformation email from E-Loan regarding the closure of the contract. We were given the monthly payment schedule and a thank you letter for choosing E-Loan
Now today 01/31/03 Ten days after we purchased the new car, right before 5 pm E-loan called me by phone and said that they had CHANGED their minds and have desided not to fund the loan. When I asked why not, the person whom called did not have an answer. SHe was just told to call with that news. She also said I would need to secure other funding if we wanted to keep the car.
I called the dealer and said I would be submitting loan papers to my credit union but it would be Monday before I could have an answer because of the late hour and the bank is closed over the weekend.
I was told to bring the car back to the lot and they would also submit loan applications and they would also seek funding. I did not try to get other funding before as E-Loan gave us the approval with a great rate and I thought it was a done deal.
Now the dealership wants the new car back until we get a loan, but had already SOLD our car that we used for a trade in. Saying that 10 days had already past and they do not have to give our trade in back.
Now I do not blame the dealer as a deal is a deal. I used my car as a trade in on the new one and since 10 days have passed they had every right to sell the car. I am however pissed off at E-loan for changing their minds mid stream, I mean the papers were signed and all guidelines were followed, I even have the payment schedule book and everything. I thought it was a done deal up until the phone call yesterday.
Can a lender just up and change their minds even after paperwork had been approved and signed? Man I can't believe this has happened. I have lost my trade in (value $11,000) and now have to return the new car and apply for another loan (which should not be a major problem to do) but can't do it until Monday. In the mean time I will be without a car for the weekend and will have to rent a car.
I would like to know if it legal for the lender to do this? Approve a loan then say "oh too bad sooo sad---changed our mind" 10 days after getting the car and 17 days after being preapproved for the loan.
This sucks and I don't even get my other car back to boot. Now I will have to rent a car until I get the approval from my bank.
Thanks for any advise you might have.
I applied for an E-Loan over the internet for a vehicle on 01/13/03. Got an approval letter on 01/14/03 which says APPROVED in bold red letters at the top. The contract gave the amount of the loan approved for $26,000 and all contracts were signed and returned. I was told both by email and by phone of the approval. Was given monthly payment amounts and was told to go shopping for a car. They had given us a voucher for the loan amount and some restrictions on the type of vehicle we could finace and was told this is the same as cash to the dealer all that was required was for the dealership to fill out their portion and fax it in and the dealer would have their $$ in 72 hours
On 01/21/03 we found the perfect car, made the deal signed what papers we needed to as the dealer did also. Called E-loan got the authorization code numbers and was told that was it, money would be wire transfered to the dealer within the 72 hours. I used a trade in and a little cash as a down payment and drove our new car home on 01/21/03. I got a conformation email from E-Loan regarding the closure of the contract. We were given the monthly payment schedule and a thank you letter for choosing E-Loan
Now today 01/31/03 Ten days after we purchased the new car, right before 5 pm E-loan called me by phone and said that they had CHANGED their minds and have desided not to fund the loan. When I asked why not, the person whom called did not have an answer. SHe was just told to call with that news. She also said I would need to secure other funding if we wanted to keep the car.
I called the dealer and said I would be submitting loan papers to my credit union but it would be Monday before I could have an answer because of the late hour and the bank is closed over the weekend.
I was told to bring the car back to the lot and they would also submit loan applications and they would also seek funding. I did not try to get other funding before as E-Loan gave us the approval with a great rate and I thought it was a done deal.
Now the dealership wants the new car back until we get a loan, but had already SOLD our car that we used for a trade in. Saying that 10 days had already past and they do not have to give our trade in back.
Now I do not blame the dealer as a deal is a deal. I used my car as a trade in on the new one and since 10 days have passed they had every right to sell the car. I am however pissed off at E-loan for changing their minds mid stream, I mean the papers were signed and all guidelines were followed, I even have the payment schedule book and everything. I thought it was a done deal up until the phone call yesterday.
Can a lender just up and change their minds even after paperwork had been approved and signed? Man I can't believe this has happened. I have lost my trade in (value $11,000) and now have to return the new car and apply for another loan (which should not be a major problem to do) but can't do it until Monday. In the mean time I will be without a car for the weekend and will have to rent a car.
I would like to know if it legal for the lender to do this? Approve a loan then say "oh too bad sooo sad---changed our mind" 10 days after getting the car and 17 days after being preapproved for the loan.
This sucks and I don't even get my other car back to boot. Now I will have to rent a car until I get the approval from my bank.
Thanks for any advise you might have.