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New Contributor
jamiii
Posts: 54
Registered: ‎08-03-2009

Auto Refinance with a Frame Damage Announcement

OK, so I bought a 2007 Dodge Ram about 3 years ago with a very high interest rate due to my credit.  I have since done a lot of work repairing my credit and was given the opportunity to refinance for half the interest rate without extending the lease with Wells Fargo.

 

But as I was on my way over to sign the paperwork, I got a call from WF telling me that due to a "Frame Damage Announcement" on the AutoCheck report they cannot refinance.  The announcement was listed by the auction house that sold the truck to the dealer that I ended up buying the truck from.  Dealer never told me about any frame damage.

 

So I have a couple of questions:

 

1. I do not believe this announcement is correct as I have had 2 other shops inspect the vehicle and can't find any damage so is there anyway to dispute/remove this entry?

2. Was the dealer obligated to disclose this information?  (I am in Texas)

3. If I am stuck with the entry, are there any banks that would work with this issue?  I am surprised CapOne financed the car to begin with.

 

 

Thanks,

 

 

(And yes, I realize I was stupid for not double checking ahead of time but the CarFax report was clean now and at the time of purchase.  Wasn't aware of AutoCheck back then.)

 

 

New Contributor
Paperboy999
Posts: 73
Registered: ‎10-06-2012

Re: Auto Refinance with a Frame Damage Announcement

Are you sure they ran the vin correctly? Maybe they messed up a letter or number.
11/09 EX 564
10/12 EX 673 TU 674
1/13 TU 686
2/13 EX 701
Goal 750+
New Contributor
jamiii
Posts: 54
Registered: ‎08-03-2009

Re: Auto Refinance with a Frame Damage Announcement

Yeah, they have the VIN correct.

New Contributor
Robertwd82
Posts: 71
Registered: ‎11-19-2012

Re: Auto Refinance with a Frame Damage Announcement

Was the truck lifted?  Sometimes even if there is no frame damage the auction house will list it on lifted trucks to cover theirselves in case it comes back.  

 

I think a credit union would be your best bet.  

New Contributor
jamiii
Posts: 54
Registered: ‎08-03-2009

Re: Auto Refinance with a Frame Damage Announcement

Couldn't get the AutoCheck file updated but I did get the dealership to agree to cut me a check for 10k, the remaining balance of the loan.

Established Contributor
sccredit
Posts: 774
Registered: ‎09-14-2012

Re: Auto Refinance with a Frame Damage Announcement

Good resolution. 

Mortgage $296k/$310k
Autos Loans $29k
Unsecured Lines $167.2k

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