What is the name of your state (only U.S. law)? CA
Recently purchased a new car on President's day, when my credit union was closed. I had obtained pre-approval at a rate of 2.3 percent. The dealership's financial officer (the guy who tries to sell you all the warranties) told me that since my bank was closed, they would have to send my application to a different institution, just to make sure my credit was good. The day after the sale, I received an email from Capital One congratulating me on my new auto loan through them, at 2.64%. I never agreed to finance anything through them, and nowhere in the contract/long form does it specifically name the institution providing the loan. I can refinance through my credit union, but during the month that has passed (mandatory to refinance) the credit rates have gone up to 2.5%. The loan is for 35K. The dealership claims they can do nothing about the situation because they don't have the power to cancel the loan with capital one. Thoughts?
Recently purchased a new car on President's day, when my credit union was closed. I had obtained pre-approval at a rate of 2.3 percent. The dealership's financial officer (the guy who tries to sell you all the warranties) told me that since my bank was closed, they would have to send my application to a different institution, just to make sure my credit was good. The day after the sale, I received an email from Capital One congratulating me on my new auto loan through them, at 2.64%. I never agreed to finance anything through them, and nowhere in the contract/long form does it specifically name the institution providing the loan. I can refinance through my credit union, but during the month that has passed (mandatory to refinance) the credit rates have gone up to 2.5%. The loan is for 35K. The dealership claims they can do nothing about the situation because they don't have the power to cancel the loan with capital one. Thoughts?