Hoping someone here has some input on this. We had to buy a new car last month (sometime around the 3rd week of October). Obviously we got approved for the loan otherwise we wouldn't have been able to drive off the lot. Now today, over a month after getting the car, we get a notice in the mail (dated 11/09 by the way) from the bank that approved us saying that they can't extend credit to us. It says the dealer had been notified and that we had to contact the dealer within 10 days of the notice to "accept our (the bank's) counteroffer" otherwise the counteroffer will expire and they will not extend credit us (and we got the notice well after those 10 days were up). How is this possible? My brother says it has to be an error and that if there was an issue the dealership would have contacted us. Anyone else think this is an error? Can they really revoke a car loan after approving you??
Don't know but I'd immediately contact a lawyer to look over the documentation and to represent you should the need arise because a bank will have a lawyer on their side!
Good idea. I'll tell mom.
I just don't get the whole thing, especially after logging in online (and calling the automated payment line) and it telling me when our next payment is due. If it had been cancelled, wouldn't that reflect online and on the automated payment number??
You'd think so but its probably a good idea to call the bank and maybe the dealer to get more details/confirm,
but a lawyer idea will help if it's real (and may be still if its not real.... compensation... lol )
a lawyer idea will help if it's real (and may be still if its not real.... compensation... lol)
Yeah, especially with so many scams going around. Just make sure you're actually paying your car off to the proper people.
Don't sign anything else 'till you find out exactly what is going on.
You can talk to the lender and the car dealer for free until you find out what is going on, but if you can't get them to explain clearly, or if they want you to sign something else, you should have a lawyer look at the deal.
If you are getting pressure like: "You must sign immediately, this offer expires in 10 minutes", or "Sign up for this and you'll be eligible for the original loan and all this other stuff, too", those are often danger flags.
Remember that those folks want to loan money, its how they make their living, they are not doing any favors.
Sorry if I sound preachy, but it makes me mad, the methods used to gouge more $$$ out of people.
So I told mom about talking to a lawyer "just in case" and she wants to do that. Question is, what kind of lawyer do we seek out for this??
I'm going to speak with the bank first thing tomorrow. Mom is now wondering if this is a case of identity theft and that maybe someone tried to finance a car under her name and it got denied. So we're going to call CarMax as well.
What's really throwing me off is that the notice said that CarMax has been notified and that we have to contact them (CarMax) to accept this supposed counteroffer from the bank. Wouldn't we have to directly contact the bank for something like this? Once a loan has been approved, papers signed and the car driven off the lot, doesn't that sort of the end the relationship of the dealer and the vehicle? And the funny part is that this notice was sent AFTER we received our first bill. So I dunno. It's all very weird. But hopefully tomorrow will bring the answers we need.
But anyway, thanks for the input you guys! It's much appreciated.
If the banks on your side of the pond are anything like the ones we have over here, it's possible someone has sent that communication without being aware that the deal is already done.
The right hand doesn't know what the left hand is doing.
You have a signed and sealed agreement with the bank. I can't see anyway they can come along at such a late stage and change their mind. I wouldn't worry too much about it, although it still has to be sorted.
First thought I had was that some bank employee had decided that there is some way to get the loan "redone" in a manner that would cost you more money. Hope not, but it can happen, and it also can happen that someone in the management structure decides to disapprove it.
Doesn't sound like that, though, really. I bet that the discussions you have tomorrow clear it up.
Might be an idea to make a thread on
http://forums.moneysavingexpert.com/forumdisplay.html?f=12
Got some great advice on there before. Forums always busy
There is currently 7k users active online right now.
If the banks on your side of the pond are anything like the ones we have over here, it's possible someone has sent that communication without being aware that the deal is already done.
The right hand doesn't know what the left hand is doing.
You have a signed and sealed agreement with the bank. I can't see anyway they can come along at such a late stage and change their mind. I wouldn't worry too much about it, although it still has to be sorted.
That's my thinking on the whole thing. I logged into the account again and it still shows us having our next payment due in January. If they had renigged on it, I'm sure it would show by now.
But yes, it's still something that has to be sorted out. And tomorrow is the day. I feel bad for anyone who decides to be stupid and piss me off when I talk to them. lol
First thought I had was that some bank employee had decided that there is some way to get the loan "redone" in a manner that would cost you more money. Hope not, but it can happen, and it also can happen that someone in the management structure decides to disapprove it.
Doesn't sound like that, though, really. I bet that the discussions you have tomorrow clear it up.
I hope so. I'm hoping it was just an error on their part and that maybe they sent the notice to the wrong person.
Might be an idea to make a thread on
http://forums.moneysavingexpert.com/forumdisplay.html?f=12
Got some great advice on there before. Forums always busy
There is currently 7k users active online right now.
Thanks, I'll go check it out!
"I feel bad for anyone who decides to be stupid and piss me off when I talk to them. lol"
Actually, the "dumb bumpkin" approach works very well. Get the other person to "help you understand this means". This approach works great when you are actually a step or two ahead of your antagonist, as I am sure you are.
"I feel bad for anyone who decides to be stupid and piss me off when I talk to them. lol"
Actually, the "dumb bumpkin" approach works very well. Get the other person to "help you understand this means". This approach works great when you are actually a step or two ahead of your antagonist, as I am sure you are.
Hmm...could work. I'll just have to try to keep me temper under control. haha
Well, so far it seems like it was just an error. The customer service rep didn't show anything in her system about the notice, and neither did the supervisor. So I was just told to disregard it. Now let's hope it holds and that someone didn't royally f**k up our loan account. I don't want any more notices. lol
Well, so far it seems like it was just an error. The customer service rep didn't show anything in her system about the notice, and neither did the supervisor. So I was just told to disregard it. Now let's hope it holds and that someone didn't royally f**k up our loan account. I don't want any more notices. lol
Keep the paper work they sent you about it, that's your proof, hell even photo copy it for a backup just in case.
Well, so far it seems like it was just an error. ...
So DennisD was right on the money (no pun intended). Amazing perspicacity, and from across an ocean, no less. I am in awe.
Glad it got fixed. :-)
Actually, the "dumb bumpkin" approach works very well. Get the other person to "help you understand this means". This approach works great when you are actually a step or two ahead of your antagonist, as I am sure you are.
That sounds so devious which only a smart devious person would cook up and stir thoroughly and bring to a simmer, I like it very much.
Hi, Andavari. Pretty perceptive of you. Yes, devious, but harmless, hopefully....The way of harmony.
So DennisD was right on the money (no pun intended). Amazing perspicacity, and from across an ocean, no less. I am in awe.
Glad it got fixed. :-)
My sphere of influence knows no boundaries.
I'll have to google pepsiwhatsit.
Everyone is skipping over the most important part. What kind of car did you get?!?