Purchased a vehicle 8 days ago with my own financing from a major bank. Everything was all good, had approval, bank had all vehicle info no changes to terms or cost during the financing process at the dealer. It was a “preferred” dealer with the bank so they are to receive an ACH of the funds. I have good credit & strong income.
Yesterday, I received a call from the dealer saying that the bank will only offer a portion of the funds because of the LTV (loan to value). The bank had no communication with me at all. Essentially the dealer said I have two options:
- Make up the difference via a down payment
- Get financing through them (like “normal people” stated by dealer)
I’m assuming the 3rd would be return the vehicle, not an option given, but the obvious.
This is a high volume large manufacturer dealer in a busy area. Quite frankly, I didn’t think this was even a possibility.
Considering this dealer has been a pain in the ass through and through I’d normally just say take the car back and I’d move on. Problem is… I have put money in the car already for NEEDED repairs. Wheel bearing was bad - unsafe.
The bank doesn’t have much of an explanation besides we are sorry. Bank also said the dealer cancelled this contract 2 days after I took the vehicle. Dealer didn’t notify me for 5 days on top of that about the financing issue. The dealer waited a week. The bank didn’t notify me either. I was totally blindsided.
If the dealer (or the bank) let me know of this issue I would not have fixed the car; I fixed it a few days ago.
I CAN put the money down. However, this dealer has lost my trust and I don’t want them to have my money. Am I out the repair money if I return it? Do I have other options or a leg to stand on?
Appreciate any advice or sharing similar experiences from either side of the fence.
Submitted July 05, 2024 at 12:36AM by BS_Degree https://ift.tt/VbfoZJd
