Pre Approved Car Loan Denied After Car Driven Off Lot?
bethany_whittington asked:
I had a pre approved car loan and it had a 30 day time limit on it. 2 weeks before it expired I went in to the preferred dealer the loan company gave me and I had to fill out this packet and give to the dealer. Anyways, I drove the car off the lot and have been driving it for 2 weeks thinking it was all good. Now I’m being told that I can’t get the loan because for 1 I didn’t turn in a phone bill (I have a pre paid phone, I don’t get one and the packet said in the borrower’s guidlines that a utility bill could be used instead) and 2 that my loan time has now been expired for 3 days and that they can’t help me. What should I do, I got a pre approved loan because I have bad credit, all the loan company told me was to find alternative financing or take the car back, so whats up? Can they do that to me? What are my options? I don’t think dealer will finance me because of my credit and I have no co-signer, should I try to go through another pre approved loan for the same car and get that worked out?
bad credit car loan
bad credit car loan
About all you can do is take the car back. Be careful with it because if you damage it they will bill you for the repair.
bad credit car loan
You were pre-approved based on their criteria. They still have to get final approval on the loan after the fact.
Bottom line, the car still belongs to the dealer. I would take it back and start over.
bad credit car loan
If you didn’t see a signature from a lending officer on your paperwork, you were NEVER approved.
Simple as that.
Take the car back. It’s not yours. They can do that as you haven’t agreed to payment terms on their vehicle.