Re: Re: Car Loan Denied????? "IF" it is NOT a DONE DEAL...you MAY have a MUCH higher rate or a "NON" deal...and they may charge you RENT... Many say DON'T take the car off the lot...UNLESS IT IS A DONE DEAL...
Re: Re: Car Loan Denied????? worst comes to worse, you get a FREE car to drive around in for a coupla weeks
Re: Re: Re: Car Loan Denied????? UPDATE DAY 2 Still no takers on our loan ...... We are not that horrible 602 & 680 /combined income of 68K + only major debt is $981 for house perfect payments and refied after 1 year We have no other Car LOAN we are a 1 car family Dh has a paid comp truck What do we do???? I am breaking out in zits again!!!
Re: Re: Re: Car Loan Denied????? So the Fianace manager didn't come through ? Sorry that you're having a hard time, I hope it gets better.
Re: Re: Re: Re: Car Loan Denied????? Never, EVER take a car off the lot until you have a loan in place. The finance manager already knows what interest rate he can get you financed with. He knew it 20 minutes after you gave him the application. All he's doing is stringing you along so that you'll fall in love with the overpriced SUV. Then, after a few days, he'll call back with the news...10-14%. You fell for his trick. If you don't like the rate, you can expect to go through a huge hassle trying to get your trade in-back. Heck, it's probably already on its way to the auction. Good luck...you'll need it. Bummer.
Re: Re: Re: Re: Re: Car Loan Denied????? O my goodness....this is TOO MUCH! But he's right. I had a bad feeling this was ford...I went back and read the entire thread and sure as hell it was! This is a classic gimmic for ford. I've read some horror stories about them doing this and actually know someone who they did this to back last fall. You should contact an attorney NOW. Find out exactly what your rights are. 3 day right of recension maybe? Go get your trade in and your cash (can't remember if you put money down yet or not). Wait until that dreaded repo falls off and THEN go get your car loan. If you have something that they can use against you and charge you higher rates, they are going to do it! That finance manager has probably pulled umteen inquiries on your credit reports. I realize that they will all be coded for shopping for rates when it comes to your score, BUT when you go to get some other type of credit, they STILL count the number of inquiries. Too many inquiries.... Or, he's not shopping around at all to find you a good deal and is just stringing you along....pull your credit reports...inquiries usually show up instantly...see what this finance manager is doing... For heaven's sake call that attorney.... Oh, and good luck.
Re: Re: Re: Re: Re: Re: Car Loan Denied????? It's not just Ford, all dealers do it. They take advantage of the not-too-bright buyer who falls in love with an overpriced car. Once they have your trade-in, and you've driven the new car home, they know you'll do anything to avoid giving it back.... including paying 14% for a loan. You see, the finance guy knows that the first thing you do with a new car is to go and show it to everyone, brag about it to your neighbors, make sure everyone sees that you got rid of the old junker. Then, a few days later, when you get the real interest rate, he knows you'll be too embarassed to give the new car back, so you pay the high rate to save face. This is a good lesson for other readers. NEVER drive a car off the lot until you have the interest rate locked in and a contract signed.
Re: Re: Re: Re: Re: Re: Re: Car Loan Denied????? This is true. It happened to me in exactly the same fashion. I was so angry when I brought the car back & they could "only approve me at a higher interest rate" I told the guy "forget it!" He even begged me to let them wash & detail the car for me. What? So I can drive off with a clean car but with outrageous payments? No way! I stuck to my guns and ended up with a brand new car much nicer than that one. And yes I did show off the used car to my friends but when I bought the new car I explained the used car was a lemon so I gave it back for the new one =)
Re: Re: Re: Re: Re: Re: Re: Re: Car Loan Denied????? That's the way to do it! When I was denited by Chrysler, but approved by GMAC, I got my new Impala...and drove staight to the Chrysler dealership. It was so satisfying!
Re: Re: Re: Re: Re: Re: Re: Re: Car Loan Denied????? That's the way to do it! When I was denied by Chrysler, but approved by GMAC, I got my new Impala...and drove staight to the Chrysler dealership. It was so satisfying!
Re: Re: Re: Re: Re: Re: Re: Car Loan Denied????? Check out www.carbuyingtips.com....they list a lot of the scams that dealers use. Try a credit union if you can. I had a BK and a Repo from '98. PEFCU (Purdue Employees Federal Credit Union) approved loan at 5.8%. ...PolarisA3 -----------> EQ 668 TU 653 EX 692
Re: Re: Re: Re: Re: Re: Car Loan Denied????? ALL WE NEED IS A LARGE LOW MILAGE SUV I need it for my job- i need to haul my equipment and kids I am so sick of these games of these car dealers
Re: Re: Re: Re: Re: Re: Car Loan Denied????? http://troubleshooter.com/data/about_us.html try this guy, he is amazing.
Re: Re: Re: Re: Re: Re: Car Loan Denied????? Perhaps the most understood law in Colorado is the Right to Rescind. In most cases ... YOU DO NOT HAVE A THREE DAY RIGHT TO GET OUT OF A CONTRACT IF YOU CHANGE YOU MIND! A right to rescind must be granted specifically by law and there are only a few circumstances where it applies: -You have a 3 day right to cancel any purchase made in the home. -You have a 3 day right to cancel any purchase made from a company if the transaction is done at a place where their business is not usually conducted. (For example, you meet an car salesman at a restaurant). -You have a 3 day right to cancel any purchase made over the phone, counting from the day merchandise is delivered (as set forth in federal law). -You have a 3 day right to cancel any health club contract (as set forth in Colorado law). -You have a 3 day right to cancel any "Time Share" real estate contract made in Colorado (as set forth in Colorado law). -You have a 3 day right to cancel any loan or financial commitment where your home is being used as collateral. (CAUTION: If you sign a contract to buy something and you sign a separate contract to finance it using your home, you can cancel the finance contract, but you may still be obligated to purchase the item!) http://www.troubleshooter.com/ YMMV CHECK YOUR OWN STATE FOR LAWS...
If you have no interest rate, you have no contract? Did you sign anything before you left the dealership?
That is a good point jlynn made. When I took the used car home all I gave them was a copy of my driver license. I didn't actually sign anything.
