Bank may not finance car?

The salesman said the bank would not finance the car because my mother lived out of town and it is my firs car. anyone ever hear of this. he said as far as they should be concerned we %26quot;live in the same house%26quot;

Bank may not finance car?

your salesman sucks, to be honest with you, if the finance manager was creative or as we in the car bus call it strong, he would have no problem getting the loan for you, go to a different dealer and tell them you are looking for a strong finance manager that has a good relationship with ford motor credit corp, ford does not care where your co signor lives but they cant use their credit as the primary, that shouldn%26#039;t be any big deal, he should get the loan and the only problem is you wouldn%26#039;t qualify for the best financing possible, tell them your going to take you bus elsewhere and go on you way.

its really unfortunate that dealers are so weak as to not get a finance for a kid and his mom.

all this is under assumption that your mom has good credit.

if that is the case there are other banks that will do the loan like wells Fargo, citifinancial, capitol one. and if the dealers in your area cant do at least that then take your self to a credit union with your mom, open a savings account and get the loan through them.

good luck out there, if you were in Connecticut i would tell you to come see me and i would easily get you financed through ford motor credit

Bank may not finance car?

As a general rule the Salesguy will tell you the easiest answer. Usually in a marginal credit deal the bank will want a Co-signer, but the do not have to reside in the same household. Ask the saleman if the application was sent to the bank, or if the info you are getting is just the finance guy%26#039;s educated guess. The dealership is not allowed to deny your credit application, the are legally obligated to send it to the bank, even if your credit is horrible. That or they have to send you a notice explaining why they denied your application. Dealerships usually don%26#039;t want to hassle with that.

If the bank declined you, they will send you whats called an %26quot;adverse action notice%26quot; that will explain why they denied you credit. It will also offer you the opportunity to recieve a copy of the credit report that they viewed.

The main thing to remember is that if you hear something funny coming from a salesman%26#039;s mouth, there%26#039;s probably something funny going on. Drop the deal and go find a salesguy that will level with you.

Bank may not finance car?

Banks do what ever they want. You don%26#039;t think there there to serve you,do you?

Bank may not finance car?

yes becuase the bank looks at it as if they have to repo the vehichle it may be out of their area due to the primary on the loan being out of their area. I am not saying it is the right way to look at it but as a finance manager of a car dealership once i know this is the way they look at it your mom might look at financing it through her local bank

Bank may not finance car?

You should go to the bank involved and speek to the loans manager , not a teller , but the manager himself. Get him to explain the loan conditions to you.

In some cases a co-signer that lives in another state where the bank does not do business is a problem.

You should be able to get a pre-approval amount from the bank that lets you have a good idea of financing when you are looking at cars.

Dont trust anything a car salesman tells you , and read the sales contract fully before signing. Its the written contract that will be enforced , not any stories the salesman tells you. Get all promises in writing.

Bank may not finance car?

I gather that you are having your mother co-sign the loan. Your saleman is right - it shouldn%26#039;t matter where she lives as long as the bank is chartered to do work in that state. Is she in another state? It may be they are not authorized there. . Or it may be a case of the %26#039;Golden Rule%26quot; - He who has the gold, makes the rules. They may not want to make the loan.

Usually car dealers have a list of funding and not just one bank. Normally they will have a favorite bank that gives them a benefit like a loan origination fee. Has the loan been submitted to other banks and funding sources? If not, the salesman is most likely trying to get you to put up more downpayment. Is this a reputable dealer? Some car dealerships only have one bank because the other don%26#039;t want to deal with them.