Im here because I seen on google someone else asked about their auto loan, so im doing the same.
On Feb 28th (today being March 23rd) I drove a truck off the dealership lot. Signed the papers, got insurance on it, was pre approved for 21k. The truck was 21,469 after taxes. But I put 2k down, and paid another 300 or so in other taxes. Dealerships calling me saying the bank never gave them money, bank saying they are the lien holder but never received proper paperwork from the dealership and cant send money until its finalized on their end, then the dealership said they found out it was something along the lines of vehicle cost more than what I was approved for, saying the truck is $23,000. Now they're saying they cant do it…..25 days after driving it off the lot
What are my options here? Never had this happen. I understand theres a 10 day wait period for checks and loans to go through…but 25 days??
And driving the truck for 25 days at that, paying the insurance on it on my insurance and not dealerships,
Am I supposed to take the truck back?
They told me just get a personal loan for 23k but I dont think i qualify for that much of a personal loan.
Auto loan question/ help?
byu/Username21524 inpersonalfinance
Posted by Username21524
2 Comments
If you cannot get approved for a loan, then the truck isn’t yours and you need to return it.
Try going to a local bank or credit union and see if they can offer you a loan.
Although this might be a sign that the dealership is overcharging you for the truck and this could be your chance to get out of a bad deal
Who is the “they” telling you to take a personal loan? I bet it’s the dealership that just wants their money and doesn’t care about you. Personal loans are usually much worse interest than car loans.
Do not take it back for nothing. Call the bank and have them email you the list of missing documents. Take that email printed out to the dealership and talk directly to the manager. Bring your original signed paperwork with the price of 21,469 on it. Refuse any additional “Fees” they come up with as they aren’t on the signed document.
The fault is on the dealership unless you missed a step (again talk to bank first) and you just have to be willing to walk away if they refuse to file the correct paperwork, remove the additional bs fees, or try to fine you for the issues. You got a month of free car if you do have to leave it there if they refuse to do their part.