What is the name of your state? CA
It would be easier if I write in terms of myself. My husband and I recently bought a vehicle. We didn't have an approval from a bank before we left due to a fraud alert placed. We were told that after we confirmed who we were with the bank, there would be no problems. We gave an estimate of our income and brought in an LES the next day with a deposit. This was the most current statement we had although it was one or two months old. Ten days later, we're still waiting for the title and registration to be mailed to us, and they ask us to come back in with proof of residence, bank statement, 2 more references (total 6) and another LES. I point out the LES shows our payments, but due to the General ordering the unit that handles LES paperwork to process people getting out, getting in and divorcing, we can't get an updated LES soon. We're waiting for a new pin to pull an LES from the internet. They're demanding we produce an LES which we can't until payroll processes it.
I guess I'm having a hard time because if we had lied on our application, that would be stupid on our part. They're saying we own the vehicle, isn't it on us to make good on the payments?
We've been told that the bank wants to see the proof of income and employment I'm guessing to proceed with the loan.
1. Who technically owns the car now? The dealership?
2. We've signed to register the vehicle but haven't been approved for a loan. What does that mean for us?
3. What happens if the LES doesn't show we make enough? Can they repossess the car and mark us down as defaulting?
There's a section that says if buyers sign here, the provisions of the Rescission Rights section on the back giving the Seller the right to rescind if Seller is unable to assign this contract to a financial institution will apply. On the back, it basically says we give the auto back in the same condition.
4. The finance manager said he could use any lender he wants. If he gets a bank to approve us but at a higher APR, are we bound to the new agreement since it changes the payments?
Basically, where do we stand now?
It would be easier if I write in terms of myself. My husband and I recently bought a vehicle. We didn't have an approval from a bank before we left due to a fraud alert placed. We were told that after we confirmed who we were with the bank, there would be no problems. We gave an estimate of our income and brought in an LES the next day with a deposit. This was the most current statement we had although it was one or two months old. Ten days later, we're still waiting for the title and registration to be mailed to us, and they ask us to come back in with proof of residence, bank statement, 2 more references (total 6) and another LES. I point out the LES shows our payments, but due to the General ordering the unit that handles LES paperwork to process people getting out, getting in and divorcing, we can't get an updated LES soon. We're waiting for a new pin to pull an LES from the internet. They're demanding we produce an LES which we can't until payroll processes it.
I guess I'm having a hard time because if we had lied on our application, that would be stupid on our part. They're saying we own the vehicle, isn't it on us to make good on the payments?
We've been told that the bank wants to see the proof of income and employment I'm guessing to proceed with the loan.
1. Who technically owns the car now? The dealership?
2. We've signed to register the vehicle but haven't been approved for a loan. What does that mean for us?
3. What happens if the LES doesn't show we make enough? Can they repossess the car and mark us down as defaulting?
There's a section that says if buyers sign here, the provisions of the Rescission Rights section on the back giving the Seller the right to rescind if Seller is unable to assign this contract to a financial institution will apply. On the back, it basically says we give the auto back in the same condition.
4. The finance manager said he could use any lender he wants. If he gets a bank to approve us but at a higher APR, are we bound to the new agreement since it changes the payments?
Basically, where do we stand now?