Poll of the Day > Need tips on this situation from people with experience (Auto financing)

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So long story short, about two weeks ago I bought a car. Agreed to a down payment as well as a monthly payment. The dealership took my money as well as my old car(that they're going to wholesale). Bing bang boom. Done....?

Well I just got a fucking letter in the mail saying that the loan wasn't approved. So what the fuck now.

They have my money. They have my old car. What's the freakin' deal here.


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Whats the relationship between the financier and the dealership?

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I thought I was financing it through Nissan themselves, but I got a letter from Experian.

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The car dealership usually only acts as a broker for an actual lender.

Experian aren't a lender though so why are you getting the letter from them?

Ask Nissan why the loan got rejected - is your credit rating in the shitter? If it's not, then just see if you can get a loan yourself.

Otherwise just cancel the deal. You should be able to get your money and car back.

Never experienced this exactly but I just leased a car

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Krow_Incarnate posted...

Well I just got a fucking letter in the mail saying that the loan wasn't approved. So what the fuck now.

You went to some third rate car dealer didn't you? A legit one will get approval right then and there and it will be locked in.

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No, it was literally a Nissan dealership.

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FatalAccident posted...

The car dealership usually only acts as a broker for an actual lender.

Experian aren't a lender though so why are you getting the letter from them?

Ask Nissan why the loan got rejected - is your credit rating in the shitter? If it's not, then just see if you can get a loan yourself.

Otherwise just cancel the deal. You should be able to get your money and car back.

Never experienced this exactly but I just leased a car

All the letter said is that my credit wasn't up to "standards of other applicants" or some shit, but it's in the 700s. It's not exactly terrible.

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Yeah that's bs. "Other applicants" should have nothing to do with your specific application and the specific check they would have done on you.

That said, just get Nissan to explain themselves or cancel it. They can't refuse you a deal and still get to keep all your shit.

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Nissan dealerships should always get approval before signing contracts etc, so contact them directly and ask what is up. This seems shady to me.

If it was recent then your car should not have been sent to get looked over and to one of their used car lots yet, and by calling them you can stop that process.

Don't drive the new car much till you find out what is happening though. They should be open today, so call as soon as they open and get more info.

Read the contract as usually they have stipulations for this, and a see time limit (7 days/30 days etc) for changes to be made or the car to be returned etc. You could do that even before calling the dealership. They can also try and get a loan from somewhere else (or you can try to get your own), but don't let them pressure you into taking a high interest loan or something. Return the car instead and look at other options.

I've mentioned before how even when commuting a ton, it's generally better to buy a good used car, over a new one, as you just lose money so fast with new cars. I have paid at most $10k for a car (used 1999 toyota Avalon that I bought in 2001), that car was AMAZING and I used it for almost 20 years, with no significant problems.

I have since bought cars for 3k or so, and also had no problems, which is significantly cheaper then buying new ones. I always had them checked out by a mechanic before purchase though (about $60).

So you might consider using this as an opportunity to get out of the deal yourself lol....and go with a used car instead.

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Yep, look for a cooling off period of sorts.

That being said I'm surprised they took your car and proceeded with the transaction if your finance wasn't even approved.

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Check with them to be sure.

This was a different loan that did not get approved, not the one you got when you purchased your car. When you go to a dealership and ask for financing, they apply through multiple financiers, to see who approves you, and what the best rate you can get is. You're signed paper work for the loan will show who it's actually through.
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gloBal enemy posted...

Yep, look for a cooling off period of sorts.

That being said I'm surprised they took your car and proceeded with the transaction if your finance wasn't even approved.

Unfortunately thats a standard procedure for a lot of dealerships

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ultra magnus13 posted...

When you go to a dealership and ask for financing, they apply through multiple financiers, to see who approves you, and what the best rate you can get is.

US dealerships apparently look for the rates that are best for them. From what I understand, they make more from that than just selling a car.

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Check with the dealer, Im surprised your loan application wasnt approved then and there before the transaction was completed.

If anything I would be suspecting someone tried to take a second loan out in your name fraudulently.

Why would you buy another car out on a loan anyway? Do you enjoy paying interest?

Experian is a credit rating agency. They're the ones that decide what your score is

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