Applied for re-finance on my new car with Eloan. I applied for a refinance stating the loan amount to be a bit over 17k owed on the vehicle. I gave eloan the make model and year of the vehicle. Eloan referred application to Roadloans for consideration. Receive email from Roadloans telling me I'm approved and that Rategenius will handle the paperwork. Speak to Terry at Rategenius, he explains the terms and says that they can approve it if I buy Gap Insurance on the vehicle. So I agree and he sends me the paperwork (vehicle transfer docs, new loan agreement..etc..etc). I sign and return all the paperwork as required within 48hrs. Meanwhile my car payment is due on the 19th.............
Terry calls me today and tells me that they cannot approve the loan because the loan to value ratio is out of whack and that if I want to proceed I need to come up with 2-3k more money. I wasn't at home and didn't get the message right away. Meanwhile the old finance company is calling looking for their payment. They knew I was refinancing with another lender.
So: Now I've got this approval for re-finance on my new car, but RateGenius comes back and says that I need more money to balance it out. This is AFTER I returned all the paperwork to them, after I signed the contract for the new loan, after I signed the title transfer, and after I signed rights to the new vehicle to them.
I believe I have them. The emails I received said I was approved and to provide Rategenius with the VIN, Insurance, and Options on the vehicle. Which I did. The guy on the phone said I was approved. He took a check for $295 for the Gap Insurance protection on the vehicle. Hasn't cashed it yet that I know of, but they will. Said they would be passing the paperwork off to the lender for processing and that my payment would be due may 15th.
Now, I'm late on my car payment because he told me that it was a done deal. I have a copy of the contract they sent to me. They contacted my insurance but I'm not sure they transferred the lien holder. I believe I have them on breach of contract. We had a agreement in writing that I would pay X for X months and that they would finance the vehicle. Now they are backing out of the deal. Do I have a case here? Anyone have any suggestions/comments/ideas on how to proceed? Should I send Roadloans a check for my first payment and see if they cash it? I'm going to pay my car payment (late), next week. Hopefully I can get it worked out.