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If you purchased a car two weeks ago and signed the loan papers but now the dealer is saying the lender is telling them it was only a preapproval what do you do?
Wiki User
∙ 18y ago
Take the car back and find something else. Don't put up with that kind of nonsense. If they start to give you trouble, get an attorney, contact the better business burear or the state agency that regulates auto dealers. In any case, don't put up with intimidation, just leave the car and the keys there and walk out. When they have the car and, according to them, the transaction is not complete, you are suddenly in a strong position. But don't listen to them. Get a professional involved. There must be a consumer advocate in your area.
Wiki User
∙ 18y ago
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If a car is purchased from dealer and dealer doesn't forward title to lenderCan lender accelerate the loan if no title is sent to them by the dealer?
You probably signed something saying that you would get the title to the lender so I believe that they can accelerate the loan. It shouldn't be hard for you to get a duplicate title if the title is lost.
How do you get finance for buying property at auction?
Just contact your lender and get a preapproval letter for the amount you can get lending for. then obtain your loan once the auction is final.
What is a "preapproval" ?
When a borrower has a lender check their credit and verify their income, thus providing assurances that they would be able to get a loan up to a certain amount.
Can a repossessed car be voluntarily returned to a dealer in a state other than where it was purchased?
YES you can. Just notify the lender where you dropped it off. No need to let it sit at a dealership for 2-3 months doing nothing waiting for the lender to locate it. That will save you a lot of phone calls from the lender also.
What does one need to go to get a preapproval for a mortgage?
Before one commit for buying a property, one should get a mortgage pre-approval. A pre-approval basically is a promise from the lender that you are qualify to borrow from them.
Should you go to the dealer to pay off your truck?
No contact the lender and pay them. Once the lender has taken over the papers of the car/truck the dealer is out of the picture.
What is a prequalification versus a preapproval?
A prequalification is basically an estimate of your ability to borrow money. By supplying a bank or lender with your overall financial standings, they are able to evaluate your finances and give you an idea of the mortgage amount that you may qualify for. This is one of the first steps to becoming more serious about shopping for a home.A preapproval is a much more comprehensive process that includes completing an official mortgage application, along with providing any documentation required by the lender to complete an extensive financial background check. From this process the lender will be able to determine the exact amount for which you are approved for a mortgage. This will give you an even more realistic view of what you can afford.Before most real estate agents will show you homes, you will need to provide them with a copy of your preapproval letter from your lender. The reason for this is that the agent will want to make sure you are house- hunting for homes in the proper price range for your budget and can better prepare you for what to expect in the local market. This also signals to your agent that you are serious about purchasing a home. Your preapproval letter will also be submitted along with your Purchase Offer by your agent to the listing agent of your desired home so they can provide a copy to their seller for deciding on whether to accept your offer.
Can a lender help avoid you having to pay for a car you cannot afford?
When you bought the car, the lender paid the dealer for the car, and you are making payments to the lender, plus interest. The lender will not help you avoid paying him.
Is it safer to finance through a bank than a car dealer?
Not only safer, but you are also likely going to get much lower interest rates if you choose a personal bank lender, rather than go with the dealer's lender.
How can you buy cars that have been repossessed by the lender?
Each lender has their own way of disposing of a repo. Most will sale them at dealer only auctions. You can purse getting a used car dealer licenses from the state you reside and attending these auctions.
How does a reposession of a car affect your credit?
It of course effects your credit score. To learn more about your credit score visit either Experian, TransUnion or Equifax. If you can not pay for the car, the next best thing would be to return it to the dealer. Contact the lender and inform the company what you intend to do. If possible, return it back to the dealer you purchased the car from.
What can you do if you lost your job and your car was repossessed about 2 months after you purchased it?
Pay it. negotiate with the lender for reduced payoff.The lender can get wage garnishment.ect. They will hound you till you pay.
