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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.

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โˆ™ 2006-03-16 21:20:00
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Q: 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?
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Related questions

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.

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 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.

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.

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.

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.

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.

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.

Can you return the co-signed car to the dealer?

Sure if you want to ruin your credit and end up paying the difference between what the car eventually sells for and what you owed on it. Don't do it!!! If the dealer is not the lender then he is not envolved with this in any way whatsoever. Talk to the lender and work something out.

If you purchased a car in Delaware and moved to Texas what are the laws for repossession?

The legal remedy for vehicle repossession is covered by UCC laws. Regardless of where the lender is located the car can be repossessed under the laws of the state where it was purchased or where it is now located, whichever means is most advantageous to the lender.

Can a car dealer sue you without having sent a certified letter stating the amount due for a balance after you have returned the broken down vehicle to the dealer and stopped payments?

It depends on the repossession laws of the state where the car was purchased. In some states the lender is required to send the borrower a notice of "cure and remand" before repossession can occur but not before a lawsuit can be initiated. Generally a lender will send such a letter in the hopes of avoiding litigation which is time consuming and often expensive for everyone involved.

Can a finance company repossess a car in California if they are not on the registration?

two choices here. they have the VIN mixed up with yours OR they have purchased the loan contract from the original lender. Contact the lender and find out.

If you purchased a car then want to move to another state can the dealer make you turn the car in or pay full balance?

READ your contract. Most auto financing contracts require you to keep the car IN state, unless the LENDER approves. Likely a "note" lot would have such a clause.

What is foreclosure?

Generally, when real estate is purchased the buyer must borrow the purchase money from a lender. The buyer enters a contract with the lender and one of the terms of the contract is that the lender can take possession of the property and sell it if the borrower defaults on the payments.Foreclosure is the legal proceeding by which a lender terminates a mortgagor's interest in the property after the mortgagor has failed to make the payments. The foreclosing lender takes possession of and sells property.

When does a car dealer have to report your last payment to the credit reporting agencies?

usually the lender does it every 3 to 6 months.

After a Chapter 7 bankruptcy can a previous lender attach a lien to a new property purchased?

Not if the debt was officially discharged in the bankruptcy.

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.

What are the paperwork steps to a loan preapproval?

To get pre-approved for loans, one must first get pre-qualified, which includes an interview process. Then to get pre-approved, one's credit history and score will be closely scrutinized by a lender. One must provide W-2s, pay stubs, and bank account statements.

What is the legal course that must be followed by a lender repossessing a car?

After repossession the lender must send a letter telling you where the car is how much is owed on the car and where it can\d be redeemed. This letter must be sent within 5 day after the repo

Once you've been preapproved havent they already run your credit if so why do they charge you a credit report fee at closing?

Some brokers do a "preapproval" without running your credit. They base their answer on how you deem your credit is. It is very irresponsible of a lender to do. In most cases the lender runs your credit early in the loan process. As a convenience to you, they do not charge you upfront. If they did, they would also have to collect upfront for the appraisal, title work, automated underwriting findings, processing, underwriting, etc. Rather than charge you as each of these costs are incurred, the lender will normally collect most of these fees at closing.

How do cars get voluntarily repossessed if they are not still in the same state they were purchased in?

The person who has the car calls the lender and tells them where to pick it up. the lender might say"just drop it off at XYZ dealership"....or they might send someone to your home to get it.

If you can't get a loan and ask someone to cosign can the dealer still say no even if the cosigner has really good credit?

A lender can say no for any reason at all. Usually, though, if you can establish employment and have a good co-signer, a lender will agree.