I recently purchased a new car (or I thought I did) and then I get a letter in the mail TWO weeks later that my credit was not approved. I have been searching the internet and I don't find a lot, but I did find some information. Some say I will have to return the car or find other financing. There is another problem- what about the car I traded in?
What a strange situation! Is the financing being handled by a third party? Or is the car lot financing you? Find your paperwork and read every word...even (and especially) the fine print. Sounds like someone screwed up in a big way at the car lot. Might pay to have a lawyer look at what you signed, and the letter they sent.
Research "Spot Delivery Scam" and read this: http://www.realcartips.com/carloans/405-car-financing-spot-delivery-scam.shtml
My advice: Go to your bank and ask for a car loan. Arrange the financing yourself. Your dealership is playing a game and shouldn't be trusted at this point. DO NOT sign a new contract with them for more money. It's the whole point of the scam. If you don't have a bank you use regularly, try credit unions. They're more relaxed than traditional banks with financing cars, and as long as the car's value is equal to the loan, it should secure itself and they'll work with you if your credit is average. If you have terrible credit and can't get a loan through your bank or a credit union....take it back, learn a hard lesson, and get pre-financed before you shop for the replacement.
OK, I panicked for nothing. I finally got through to the financing department at the dealer and found out that they routinely check several banks to get a loan approved. The letter was from a bank that declined to loan me the money. I DO have financing already- I just didn't know what was going on. However, reading things on the internet does show that things really do happen sometimes like that- crazy!!
Whew! Glad to hear it! Nothing stinks worse than being the victim of a scam...so glad you weren't! Bet that's a huge relief
