I was pre-approved on a new Car Loan and then they came back and said I was un-approved. Is that right? Anyone in car financing that can answer my question???
Car Loan Approval?
Was it a preapproval you received in the mail? If so, it means that they did some initial investigation and based on your FICO score and a few other factors they thought you%26#039;d be approved. Once they looked at your other factors and the credit bureau itself they changed their minds. They are within their rights to do just that and the back of the letter you received probably said so in the small print.
Car Loan Approval?
Who told you? The dealership? Go to Ford Credit . com or Toyota Financial .com and get preapproved. Then, don%26#039;t let these buzzards work on you.
Car Loan Approval?
Credit is a tricky game. Sorry that happened to you. The pre-approval was based on a very minimal criteria (you could simply just have an account with them) and it%26#039;s the hook many companies use to try to bring in business. Once they look at your full credit info, reviewed your credit report (they don%26#039;t look at your credit report to pre-qualify you) and then determined that they are unable to offer you credit at this time. It%26#039;s a gimmick many big companies use.
Car Loan Approval?
Auto finance is what I do for a living and this is one of those things that I hate because of the bad feelings it generates towards car dealers.
What most likely happened is some dealer in your area paid a marketing firm to mail out pre-approval letters based on information purchased from the credit bureaus.
After you went in and they actually looked at your credit they submitted you to some lenders and found out that they could not get you approved.
This is all explained in the fine print on the bottom of the letter but 99 out of 100 people do not read it.
If you want to be removed from this mailing list go to www.dmaconsumers.org and opt out. This will remove you from the national mailing list for 5-years.
Car Loan Approval?
They must have given you a reason why they changed their mind. I guess you forgot to mention that?
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