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Message
re: Did I just get a free truck?
Posted on 9/16/14 at 1:09 pm to Austin Cajun
Posted on 9/16/14 at 1:09 pm to Austin Cajun
quote:
Because going to a longer term also increases the interest rate.
Well that of course changes things. What does your paperwork say?
0
Posted on 9/16/14 at 1:09 pm to Austin Cajun
It sounds to me like the dealership will have to carry the paper.
Posted on 9/16/14 at 1:09 pm to Croacka
When people receive Adverse Actions in the mail, it's usually because the application was either declined, or the credit union did not agree to the terms on the original application. The F&I manager calls the CU and works it out with a buyer. Terms are agreed and paperwork is signed.
The CU still has to send an Adverse Action, because they did not agree to original terms of the application.
The CU still has to send an Adverse Action, because they did not agree to original terms of the application.
Posted on 9/16/14 at 1:09 pm to Rickety Cricket
quote:
Because why the frick should he have to alter his financial plans because they are trying to back out of a mutually agreed upon contract?
The credit union did not agree to anything. The dealership and the op mutually agreed in the contract that if financing was not secured he would have to return the vehicle.
Posted on 9/16/14 at 1:09 pm to Austin Cajun
quote:
I have a bank I deal with on a regular basis ready to go at an even better interest rate and they are willing to give me gap insurance for free.
you should just do this asap, unless you are truly waiting for a chance to con the dealer like you suggested
Posted on 9/16/14 at 1:10 pm to LNCHBOX
quote:
What I don't get is why can't OP just agree to the terms credit union offered and prepay to where he pays no extra in interest than he would have with original terms?
Hard to have that opinion without knowing the details of the original agreement and the new one. Or OP's financial situation for that matter.
OP, go to the dealership and show them the agreement you have with the new bank for better terms.
Posted on 9/16/14 at 1:11 pm to Croacka
quote:
you should just do this asap, unless you are truly waiting for a chance to con the dealer like you suggested
All this. But I think he's just waiting for a loop hole. Paying less for miles I put on it would never cross my mind. Who even thinks of that?
Posted on 9/16/14 at 1:11 pm to GRTiger
quote:
Or OP's financial situation for that matter.
Why would this matter? He was approved for the original payment was he not? Did it magically change?
Posted on 9/16/14 at 1:12 pm to LNCHBOX
The only loophole he has is if the CU bounces the contract back and the F&I manager can't find other financing. At that time they would request for the vehicle to be returned.
Posted on 9/16/14 at 1:12 pm to LNCHBOX
OP must have a bad credit rating
Posted on 9/16/14 at 1:14 pm to LNCHBOX
quote:
Why would this matter? He was approved for the original payment was he not? Did it magically change?
If the new deal causes him to have to pay more each month, when he didn't plan his finances for that amount, it would matter.
Just get the last word and move on. No part of me wants to get into a devolving argument with you.
Posted on 9/16/14 at 1:15 pm to GRTiger
quote:
If the new deal causes him to have to pay more each month, when he didn't plan his finances for that amount, it would matter.
Wouldn't a longer term have a smaller payment though? Unless the APR jumped up some ridiculous level amount of course.
quote:
Just get the last word and move on. No part of me wants to get into a devolving argument with you.
I mean, it's not really an argument, but whatever.
Posted on 9/16/14 at 1:17 pm to Croacka
quote:
you should just do this asap, unless you are truly waiting for a chance to con the dealer like you suggested
Nope, bank is waiting. I just need some numbers and info from the dealer. Bank has no idea who to send a check to or for exactly how much. I showed them the paperwork, but it all has to be verified.
FYI, my credit score was over 800 when they checked. Keep guessing, I have no idea why they are bouncing it back.
Posted on 9/16/14 at 1:18 pm to GRTiger
similar situation happened to me in 2010 bought a truck on a saturday for which i thought i was preapproved by my CU for 2.9 % for 5 years and the dealer just kinda put it through. turns out i was only preapproved for up to 30k and my purchase was 31k. dealer called and i told them "ok ill just bring it back" they worked it out somehow and i didnt even ask. trust me they dont want that truck back. they will work it out for you.
Posted on 9/16/14 at 1:18 pm to mouton
quote:
The dealership and the op mutually agreed in the contract that if financing was not secured he would have to return the vehicle.
certainly doesn't explain the dealership not answering OP...one would think the dealership would be contacting the OP on their own.
Posted on 9/16/14 at 1:18 pm to Austin Cajun
What were original terms and what was counteroffer?
Posted on 9/16/14 at 1:19 pm to Austin Cajun
quote:
FYI, my credit score was over 800 when they checked
Does anyone on the OT not have 750+ credit? I've never seen anyone say otherwise.
Posted on 9/16/14 at 1:20 pm to Austin Cajun
quote:
my credit score was over 800
Posted on 9/16/14 at 1:20 pm to Topwater Trout
quote:
certainly doesn't explain the dealership not answering OP...one would think the dealership would be contacting the OP on their own.
The finance manager is shopping around through other banks and doesn't have the deal approved at the original terms yet. That is why he is not calling back.
Posted on 9/16/14 at 1:22 pm to mouton
Why would OP even want the same terms?
Mr 800 has a better deal in place already with free GAP
Mr 800 has a better deal in place already with free GAP
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