Me and my co-signer, my boyfriend, went to buy a car for me last week on wednesday. well, everything went smooth, we got approved for auto financing and made a 36 mo. deal, signed all the papers needed to sign, and drove off the lot in the car. I had a 6. mo warrenty on the car so yesterday I took it in to a dif. business other than the dealership (because that%26#039;s where the dealer said to go) and had some things fixed. when i go to pick it up today, they tell me i can%26#039;t have my keys. I have to talk to the dealer first. so i called him and he said that the credit financing center wanted me and my cosigners paycheck stubs and 4 references. ok- i thought that everything was fine and taken care of, but i happen to have a few stubs on me and write down a few references for the car shop to fax to the dealership. I get the keys and head to work. then at 8:30 @ night the dealership calls my cosigner and says they need more paycheck stubs, the ones i had weren%26#039;t good enough apparently.
I have no more information to give them! we already signed a contract and were approved for credit and made a deal for financing. I gave them the pay stubs we had, they said the ones for my cosigner don%26#039;t reflect what he said he made on the application, but on the application he put that he has a regular paying job, and an under the table job, and they won%26#039;t accept it if he has his boss notorize a statement stating he is paying him under the table. what could they do? can they break the contract and take my car back?
Already agreed to finance my car payments, had car for a week and now they want more info?
Until a loan is accepted by a lender, your contracts are not valid. If the lender requires more information, then if the buyer does not comply, the contracts are void and they must return the car. If you paid any money for repairs, you should get that back. Technically, they are not breaking a contract because it is not valid until financed. This probably isn%26#039;t what you wanted to hear, however it is what will happen if you can not provide the requirements the lender is requiring. Good luck and you can email me if you have any questions.
Already agreed to finance my car payments, had car for a week and now they want more info?
They have 10 days to collect more info. if they need it..In fact,if they decide they dont wanna finance it for you,they can ask you to bring the car back to the dealer within a 10 day period...
Already agreed to finance my car payments, had car for a week and now they want more info?
The dealership is going through a secondary lender (usually because of bad credit or limited credit issues). These type of lenders are known to want more information on the buyers along with proof of all information. Is there anyone else that can or will co-sign for you...someone with established good credit? Have you tried your bank? Are you a member of a Credit Union-they are an excellent source for auto loans and will sometimes give members a break on credit issues and give you a much better interest rate. If not, you are in a tough position. Does your boyfriend deposit all the money he makes in a bank account? The lender may accept bank statements as proof of income.
The problem with deal really is that the dealership put you into a car before getting final approval from the lender, and making you think that everything was ok. You should never accept the keys until everything is finalized, but I can understand how it happens...it happens every day.
Good luck
No comments:
Post a Comment