Bank did not process my approved loan

[AGI2005]

undefinedWhat is the name of your state? Texas

Two months after applying to refinancing a car, getting approved, and signing all the documents, I discovered that my bank did not process the application. After calling them they admitted the application "fell between the cracks", and that they "dropped the ball".

The application was processed two hours later, but I was wondering whether I can/should sue them for misconduct.

Advise will be appreciated!

 

[Some Random Guy]

So, what exactly were your damages? And what did you do in those two months to try to get other financing or to check on your application status?

Move along. No case to see here.

 

[racer72]

Waiting 2 months shows quite a bit of negligence on your part, you would look rather foolish in court if you attempted any kind of civil action.

 

[Veronica1228]

Actually, while you don't have a civil case the bank may have violated a Fed Reg here. Specifically, Fed Reg B, the ECOA (Equal Credit Opportunity Act) which gives them 30 days to process your application once it is received and notify you of any credit decision.

The only thing you can do is file a complaint with the FTC. You should be able to do that at www.ftc.com.

Good luck.