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Old 08-29-2011, 11:38 AM   #1
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Car bought suddenly loan refused

I finally got my new car! Loan was approved at a great financing rate- so I went to pick up the car. I then sent the PO to the finance company and they told me to come in Thursday to sign for the loan. When I went in- they told me that that the loan wasn't actually approved. Sorry.

Apparently the woman who approved the loan didn't get full permission to do so from her supervisor (?) The supervisor didn't like my proof of income- even though again, on the phone I was told "Go get the car! You are approved!"

So now, I owe $20,000 on a car with no loan.

Do I have any legal rights?

Trying to figure out what I can do here.

I also am wondering how far up the chain I can go with the loan company to get this right.

The dealer offered me financing at a ridiculous 9% so that ain't happening.


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Old 08-29-2011, 11:41 AM   #2
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Wow, that sounds like a crap deal. So how did they let you drive the car out without it being paid for? If you dont have the car, how do you owe $20k?
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Old 08-29-2011, 11:50 AM   #3
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Your not liable to pay shit..car being sold is contingent of an approved bank loan which you didn't get.
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Old 08-29-2011, 11:55 AM   #4
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Wow, that sounds like a crap deal. So how did they let you drive the car out without it being paid for? If you dont have the car, how do you owe $20k?
I have the car. In Cali, they let you drive away with it- and then they fax the PO over the the loan company who then cuts them a check. I'm still fighting with the loan company right now, who again totally approved this. They are a credit union separate from the car dealer
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Old 08-29-2011, 12:07 PM   #5
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I have the car. In Cali, they let you drive away with it- and then they fax the PO over the the loan company who then cuts them a check. I'm still fighting with the loan company right now, who again totally approved this. They are a credit union separate from the car dealer
I swear, are they ass-backwards in Cali or what? I mean, you guys also have a law that makes it legal to Open Carry a firearm, ONLY if its not loaded
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Old 08-29-2011, 12:14 PM   #6
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I have the car. In Cali, they let you drive away with it- and then they fax the PO over the the loan company who then cuts them a check. I'm still fighting with the loan company right now, who again totally approved this. They are a credit union separate from the car dealer
What more do they want for proof of income?

I had a dealer try to get me to drive a New Saleen off the lot before I got the loan approved from my credit union and I told them no way ... good thing to because the financing fell through ... I did get a car from them just not that one.
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Old 08-29-2011, 12:24 PM   #7
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Well again- I called credit union before I picked up the car- and they told me "you are approved- go get the car and then fax us the PO" So that's the issue. I would have never gotten the car without that approval. It looks like a few things could happen. They finally approve the loan they already approved, I try to find another loan- but gonna be hard at that 2.78% rate. It looks like if the loan is not approved - the dealer can ask for the car back. What a mess. I am so mad at the credit union right now.
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Old 08-29-2011, 12:28 PM   #8
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I am pretty sure them saying "your approved, go get the car" a binding verbal contract? Go get a lawyer.
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Old 08-29-2011, 12:56 PM   #9
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Well again- I called credit union before I picked up the car- and they told me "you are approved- go get the car and then fax us the PO" So that's the issue. I would have never gotten the car without that approval. It looks like a few things could happen. They finally approve the loan they already approved, I try to find another loan- but gonna be hard at that 2.78% rate. It looks like if the loan is not approved - the dealer can ask for the car back. What a mess. I am so mad at the credit union right now.
you said in your OP that "the supervisor did not like my proof of income". what is it they are looking for and why can't you provide it and take the loan?
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Old 08-29-2011, 02:07 PM   #10
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I am self employed and started my own business. They suddenly claimed that my LLC bank account was not my personal bank account even though it is a single owner LLC with schedule C 1099. As any money I make I put in there and not in my personal account. My accountant said they are 100% wrong and insane. In the end it doesn't matter what proof I give- the woman I always dealt with said I was approved and suddenly they are saying she mis-spoke. I am now dealing with the VP of loans who is "looking into this"
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