Auto Loan approval and then denial

[Wolfman83]

What is the name of your state? California


I just bought a car on October 1, 2004 and I gave the dealer $1500 down with the rest financed at 12.82% the price of the vehicle was $4250 now the man supposedly ran my credit and I was approved at that rate and we signed all the papers saying I was to pay $153 a month for 35 months. I signed the warranty and the credit application and everything. I drove the car home and have now had it for a week. Now I got a letter in the mail today stating that my credit application was not approved by the bank that said that I was approved that day I took the car home. So what the heck am I suppsoe to do since I've taken possesion of the car, and signed all the papers.

 

[I AM ALWAYS LIABLE]

What is the name of your state? California


I just bought a car on October 1, 2004 and I gave the dealer $1500 down with the rest financed at 12.82% the price of the vehicle was $4250 now the man supposedly ran my credit and I was approved at that rate and we signed all the papers saying I was to pay $153 a month for 35 months. I signed the warranty and the credit application and everything. I drove the car home and have now had it for a week. Now I got a letter in the mail today stating that my credit application was not approved by the bank that said that I was approved that day I took the car home. So what the heck am I suppsoe to do since I've taken possesion of the car, and signed all the papers.

My response:

You didn't read your contract in its entirety. There is a provision concerning credit disapproval. Read it.

IAAL

 

[Ladynred]

You might also check your credit reports to find out if the dealership actually DID check your credit that day, there should be at least one inquiry. These guys will LIE just to get a sale and its not unusual for them to jump the gun. Its a damn sneaky way for them to sell a car and then nail you with a high interest loan AFTER you've taken possession of the vehicle.

 

[Wolfman83]

Well I talked withthe man and he had sent me a new contract because the bank had approved a newer lower interest loan than was originally signed for. I will check the credit report just to see, but this dealer says its a done deal and this is the contract no pre approval or anythign this is the final contract. Now I'm gonna talk to the bank on Monday to make sure since I had gotten that notice and am curious what its about.