bluestraveling
Junior Member
What is the name of your state (only U.S. law)? Oregon
Kind of an odd story here but I'm hoping someone out there can lend me some advice regarding this issue.
In November 2014 I purchased a used car with financing approved for $4000 ($1000 down) for a little volvo by a used car lot. I signed for registration, new plates, a drove off the lot. It is now March 2015 (4 months later) and I receive a call (last week) from the auto dealer saying the bank hasn't received payment from me and to come in and bring proof of insurance (which I have had). I get to the dealer and give them my proof of insurance and the son of the owner tells me there was a problem with the owner not fully submitting the paperwork to the bank. He told me he got me set up and then just filed my paperwork and never checked to see that the bank never paid for the paperwork until the bank called them and told them they haven't submitted THEIR side of the paperwork and couldn't collect money from me until the dealership submitted paperwork. The dealer said they will figure it out for me and call me back.
I left and received a call later that day from the bank saying that because it has been more than 60 days, they have to resubmit my loan for approval. They have denied my loan due to another car that I'm paying off (that was stolen in Sept 2014 and insurance did not cover it). While they realized this before, they've now decided it was too big a risk to take on (so says their underwriters). So the financing fell through and the dealer has requested I return the car. Before I return the car, I'd just like some advice (or options) on what I should do. It doesn't look like they tried to find other financing for me. I read about yo yo financing and DOJ law on when financing falls through to someone on a spot-sale. It says a dealer has to notify me within 14 days if financing falls through on a spot sale, it has been 4 months. I'm wondering what my options are at this point? The car has been in my name, I've fixed it, put miles on it, it has some wear on it. Thoughts? I have sup prime credit (660) but I've been denied multiple times for auto loans before I got this car and the original bank didn't extend any other options for credit. Thank you for reading!
Kind of an odd story here but I'm hoping someone out there can lend me some advice regarding this issue.
In November 2014 I purchased a used car with financing approved for $4000 ($1000 down) for a little volvo by a used car lot. I signed for registration, new plates, a drove off the lot. It is now March 2015 (4 months later) and I receive a call (last week) from the auto dealer saying the bank hasn't received payment from me and to come in and bring proof of insurance (which I have had). I get to the dealer and give them my proof of insurance and the son of the owner tells me there was a problem with the owner not fully submitting the paperwork to the bank. He told me he got me set up and then just filed my paperwork and never checked to see that the bank never paid for the paperwork until the bank called them and told them they haven't submitted THEIR side of the paperwork and couldn't collect money from me until the dealership submitted paperwork. The dealer said they will figure it out for me and call me back.
I left and received a call later that day from the bank saying that because it has been more than 60 days, they have to resubmit my loan for approval. They have denied my loan due to another car that I'm paying off (that was stolen in Sept 2014 and insurance did not cover it). While they realized this before, they've now decided it was too big a risk to take on (so says their underwriters). So the financing fell through and the dealer has requested I return the car. Before I return the car, I'd just like some advice (or options) on what I should do. It doesn't look like they tried to find other financing for me. I read about yo yo financing and DOJ law on when financing falls through to someone on a spot-sale. It says a dealer has to notify me within 14 days if financing falls through on a spot sale, it has been 4 months. I'm wondering what my options are at this point? The car has been in my name, I've fixed it, put miles on it, it has some wear on it. Thoughts? I have sup prime credit (660) but I've been denied multiple times for auto loans before I got this car and the original bank didn't extend any other options for credit. Thank you for reading!