Bank financing car at dealership.please help?ok so I went to a dealership and was car shopping and got a car on december 11th and today is the 23rd. I talked to them about my needs in a car,and they showed me one that would work for me. in the end I signed a contract with a cosigner as well. I also purachased car insurance on the car, and left with tags and... |
They might have found a different lender or they might be carrying it themselves for a few months. (That's legal in many states, Brent)
Call & ask. I wouldn't worry. If they wanted the car back, you would have known it by now.
If you put nothing down, you have no risk. Worst case is you give it back & got a free rental. Your cosigner must be golden.
they know the bank turned you down and been trying to find find another lender that will finance you .
I could be that the are selling you the car ,,,,for soooo much more than it is actually worth ...that no lenders want to do the loan. If the car is only worth $5000 and they sold it to you for $9000 , then a bank will not like what and refuse the loan. go to "edmunds.com " to appraise your car and find what it is really worth. You might end up hoping they take the car back..
Dont be surprised when the dealer calls you and tells you they have financed you . Then you will go to the dealer and they will say that you need to give them more cash for the down payment , Oh ,and by the way it is at 18% interest rate .
What they did is called " spotting " give you the car , lock you in a contract , let you drive away , then try to get you a loan.
If they cant get you loan, you will have to give the car back . Also they will keep the down payment that you gave them as " car rental payment " while you had the car.
It is all in the paper work you signed.
edit , Good ! no down payment ! So they cant keep that , just tell you to bring the car back.
You can't pay a dealership if they are not licensed by the state to finance cars. In that case, they would be a buy here-pay here lot.
If your credit stinks, nothing is guaranteed in regards to approval. You were declined for financing, so all bets are off.
