top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Wanting additional information after we have car?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Wanting additional information after we have car?

    Our BK was finalized in March, with the addition of our 3rd child in about 2 more weeks we needed a mini van - Went to a dealer, got approved for a used one that we liked, signed the info, traded in our old car - thought it was a done deal. Now a week and a half later, we get a call from the dealership saying they need proof that we are current on our mortgage - Which we aren't.
    Soooo.... kind of wondering how this might play out.

    #2
    Yikes. Don't have an answer really for you. But just to help is your house in foreclosure or did you reaffirm it in your bankrupcty? Not sure what whether you're current on your mortgage would have to do with an auto loan...

    Comment


      #3
      When you get "approved" at a dealership, you're not really approved. They pull your credit score(s) and fit you into a loan they *think* will get approved once it is sent to the bank. If it doesn't pass the smell test at the bank and they dig deeper (see late payments, etc.), they may turn it down. I'm sure you signed something @ the dealership stating that if they are unable to finance it you will be responsible for returning the car and paying a usage fee for the time/miles you put on it. I've seen this happen several times.
      Stopped paying CCs 1/10 | Stopped paying mortgages 2/10 | Interviewed attorneys 3/10-5/10 | Retained attorney 5/14/10 | Delivered paperwork to attorney 6/17/10 | Filed Ch7 7/9/10 | 341 8/16/10 | Objection Deadline 10/15/10 | DISCHARGED 10/20/10

      Comment


        #4
        Originally posted by AlmostAmos View Post
        When you get "approved" at a dealership, you're not really approved. They pull your credit score(s) and fit you into a loan they *think* will get approved once it is sent to the bank. If it doesn't pass the smell test at the bank and they dig deeper (see late payments, etc.), they may turn it down. I'm sure you signed something @ the dealership stating that if they are unable to finance it you will be responsible for returning the car and paying a usage fee for the time/miles you put on it. I've seen this happen several times.
        THIS is tantamount to fraudulent practices. I hope you are wrong for our OP here.

        When I was very young I had VERY good credit (all through life until the his sit the fan) and I wished to test drive a new car over night. Well I signed all the paperwork (I didn't know what I was doing) and I hated the car. The sales guy knew what I meant and he assured me it was "for insurance only', that I signed the paperwork. Brought it back the next day and the jerk told me T.S. I bought the car. SoOOOO I sat there a bit miffed, and parked in his lot. I took my spare keys, and I got my tag off the new car. The MINUTE the gate was open, I slowly walked to my old car, took the key and drove it off. Never heard from those crooks again, but you just got to be careful.

        Most car dealers make more on the financing than the markup of the car. 'Hub
        If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

        Comment


          #5
          A long time ago I bought a car drove it home and thought all was well. A week or so I got a call from the dealer saying the financing did not go through at the rate they promised. They told me the only way to keep the car is to lease i for three years which according to them was "better" than buying anyway. Since I had already showed the new car to my friends I did not want the embarrassment of not having it it anymore. So i went back to the dealership and signed a lease. Anyway, looking back I should have gone back and handed them the Keys and looked for another car. Look through your paperwork to see if you signed anything re: financing. If it is not too bad from your perspective, I would call the dealership and tell them the truth and let them figure it out. Chances are they don't have your trade anymore and they might be able to still get u financed. Just my opinion.

          Comment


            #6
            Originally posted by velouria View Post
            Our BK was finalized in March, with the addition of our 3rd child in about 2 more weeks we needed a mini van - Went to a dealer, got approved for a used one that we liked, signed the info, traded in our old car - thought it was a done deal. Now a week and a half later, we get a call from the dealership saying they need proof that we are current on our mortgage - Which we aren't.
            Soooo.... kind of wondering how this might play out.
            This is why you always read all the fine print before you sign anything or have a lawyer look at paperwork before buying a house or another major purchase. There is a clause in what you signed that makes your deal contingent upon certain things....many people do this (sign and drive out without having met certain contingencies) and end up having to pay a higher interest rate to another lender because the initial lender would not finance...best of luck...
            _________________________________________
            Filed 5 Year Chapter 13: April 2002
            Early Buy-Out: April 2006
            Discharge: August 2006

            "A credit card is a snake in your pocket"

            Comment


              #7
              Originally posted by BKIN2010 View Post
              Chances are they don't have your trade anymore and they might be able to still get u financed. Just my opinion.
              They can sell your trade in when your financing isn't a done deal yet? What happens then if you don't get financing? Then you don't have a car at all?

              My boyfriend bought a truck once and the same thing happened. They called him a week later and said "oh sorry, your financing didn't go through for this so come back in and we have a different truck for you". He didn't have a trade-in but it's unbelievable that they can sell your trade-in before you have a completed deal. Sounds like a scam to me.
              Filed 11/17/11 Chapter 13, 341 meeting 12/21/11. Plan confirmed 1/19/12 - DISCHARGED 12/16/15

              Comment


                #8
                Well, if the purchase contract was indeed contingent upon financing and a trade-in was part of that same contract and the financing didn't go through, they might have a problem with the trade. If the deal didn't go through and they sold your trade already, they might have sold a car that didn't belong to them. I guess it depends on how they set it up. The trade-in could be a separate transaction and if the deal doesn't go through, they would owe you the agreed on amount for your trade rather than your prior vehicle.
                Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
                FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
                FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

                Comment

                bottom Ad Widget

                Collapse
                Working...
                X