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3 months out of BK

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D

dcc

Guest
What is the name of your state? WI

I was discharged 3 months ago.

My car was getting to need more and more work so I sol di tand bought a new one on Sat.

I had financing all lined up with a capital one blank check, I took it in and the dealer would not accept it, so he got me a better rate with Chase, said I was apporoved and all was finished, so I thought.

Today I get home and have a message that sounds urgent, he said in it that he had some questions becasue there is an issue with the bank.

I called him back and he couldn't talk, I asked him what he needed to know, and what the issue was, he said, no issue I just have some questions they need to know, I'll call you in 10 min.

I called him back over an hour later(clocks must not work at the dealer). Someone else said that the bank wants to know why I declared BK, and that the other guy says not to worry they are taking care of it.

So whats the deal? was I approved by the bank? Can they approve me 1 day then say we changed our minds, you have to take the car back to the dealer? Or do dealers do this where they say your approved when your not really approved, just pre approved, with a final decision made based on further investigation? Is there a chance I will have to take the car back?
 


O

ogwhit

Guest
Last year, the chevy dealer did not accept my blank check from Capital one either , but instead they got me a better deal through GMAC. This year I bought my van and I walked out driving a brand new van before I even signed for the "actual" contract. They knew that everything was fine though, just that GMAC was having some system problems that day and they didn't want me to wait all day.
I heard that once you drive the car off the lot, the car is legally yours, but I don't know how true that is.
 
A

anadude

Guest
dcc, it sounds like chase didn't know about the bankruptcy, until after they made the loan (must have been when they actually looked at your cr) to you and now they have questions, hehe.
 
P

planner

Guest
Be very careful, don't accept any alternative financing.

Did you have a trade in?
 
S

slvrneon

Guest
ogwhit said:
Last year, the chevy dealer did not accept my blank check from Capital one either , but instead they got me a better deal through GMAC. This year I bought my van and I walked out driving a brand new van before I even signed for the "actual" contract. They knew that everything was fine though, just that GMAC was having some system problems that day and they didn't want me to wait all day.


I heard that once you drive the car off the lot, the car is legally yours, but I don't know how true that is.
Not very true. I brought a Chevy Blazer home, had it for a week and the dealer called and told me they needed me to bring it back cuz the bank wouldn't complete the financing. I had all the signed paperwork, knew what the payment would be and I didn't get to keep it. I drove almost 100 miles for a vehicle I couldn't keep and ended up going to a dealer 6 miles from home and found the same type of vehicle, but much nicer and that one I got to keep. Sometimes dealers will ask you if you would you like to take delivery today, even when they have no idea of what the bank will actually decide. Just because you get to take the car home it doesn't mean a thing.
 
D

dcc

Guest
i was truthful on all the papers I filled out, I told them that I am 3 months out of bankruptcy, and he said that is fine as long as I have had a carpayment in the past. But that was at the dealer, and they are full of it.

I didn't have a trade, I sold my old car Monday. If I have to return this one, then I have no car.

I haven't heard anything yet today. I did call chase and they had no information for me at all. She did say that if they try to get me to sign for a higher interest rate that I don't have to. I won't either.

It's just a hassle becasue they already sent the title application, electronically, with Chase as the lien holder, and they already transfered my old plates.

Maybe I am worrying over nothing.
 

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