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New Visitor
Yassbahal
Posts: 2
Registered: ‎01-16-2013

Auto loan madness

Hi,

 About 2 weeks ago I went to a dealer to buy a car. We had been to this dealer about 6 months before and though my credit is poor, we were approved with no problems. I got into an accident right before Christmas and the car was totaled. So my husband and I decided to go back to the same dealer since we had luck with them before. I checked my credit score online the night before we went and it was a bit lower than when we purchased before, but I thought I would go in and give it a try. We were there for 4 hours while they tried to find us a lender. The finance person finally came out and said I was approved and had me sign the paperwork. He went back to his office and then came back 5 minutes later to say that I can't take the car until my insurance pays for the totaled car and the lender for that car reports a $0 balance. He said this should only take 1 week but I did not agree. Anyway, I called my insurance and my GAP insurance and the current lender. With all those involved, I was told it would take 30-45 days to reflect a $0 balance. I immediately called the dealer and told them I can't wait that long and asked about cancelling. A few hours later they called me back with "good news" that if I provide a letter showing my vehicle is a total loss and another letter stating the GAP insurance is in process, then I should be all set and could get the car. I did that. This was a Friday. They said to follow up on Monday (this past Monday). I did that. They asked me to come in and sign the title. I did that. They said to follow up on Wednesday. I did that. Now I get a message from them saying they don't have a response today but I should try tomorrow. I'm not sure what response they are waiting for it I was approved and they later told me I was all set with the letters I provided. I also don't understand why the bank would take 72 hours to provide the response when banks approve loans in minutes typically. I tried calling the dealer back and have not gotten a response yet.  I should mention that this is a reputable dealer, voted one of he best in the area. I read all sorts of reviews and the majority were excellent

 

Another thing that they said to me which I found interesting was that I may have to change my license. I currently have an out of state license. My response was that if this if for registration then they can just transfer my current registration from the totaled car. The finance guy said that the lender may require it. That I really don't understand. I know people who have financed cars without a driver's license. I know people who have financed cars without a SSN. So why would the lender require I have a license from the state where I live? Normally this would be an easy switch, but I have old unpaid parking tickets from when I lived here before so I can't switch until the I have money to pay those.

 

So  I am more than frustrated. I really just want to cancel this purchase and go to a dealer that will finance people will any kind of credit. The car has not been removed from the dealer yet so it wouldn't have lost it's value. I just don't know the penalties if I cancel and I can't afford a huge bill for a car I never got or a lawsuit.

 

I'm really not sure what to do at this point. Any advice?

Moderator
Revelate
Posts: 6,851
Registered: ‎12-30-2011

Re: Auto loan madness

Welcome to the forums!

 

That's a lot of different issues; to the core point, lender underwriting if a person has to take a look at it does take time and they may not have the resources to look at your application immediately.  I think it's fair to give them another day as requested before raising the question.

 

Also different underwriters may have different standards; they may have some requirement that a license should reflect current state of residence, as theoretically you're supposed to do that as legally required.  There is a grace period though and if you're within that, I suspect that would be fine.

 

As for unpaid parking tickets, last I checked that had no bearing on getting a license in a different state; the states don't communicate, like at all, for things of this nature.  It's possible that's changed but the infrastructure is simply unlikely to be there.

 

End of the day this dealer appears to be going to work for you and is acting in extremely good faith; personally I'd approach it as if they were doing me a favor, and at least present being incredibly thankful for the effort they're putting in as it sounds as though there's a number of hurdles they're trying to clear in this case.  The dealer has more pull with the lender than you as an individual do, I recommend letting them work through the process which unfortunately does take some amount of time.


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New Visitor
Yassbahal
Posts: 2
Registered: ‎01-16-2013

Re: Auto loan madness

Thanks for your response. I will see what the have to say tomorrow. Regarding the license, the unpaid tickets are from the state where I reside currently. I lived here about 5 years ago, then moved to another state for work and got a license for that state. But in order to change back to the state where I reside currently, I need to pay my past due tickets.

Regular Contributor
92235
Posts: 140
Registered: ‎03-30-2010

Re: Auto loan madness



As for unpaid parking tickets, last I checked that had no bearing on getting a license in a different state; the states don't communicate, like at all, for things of this nature.  It's possible that's changed but the infrastructure is simply unlikely to be there.



States have been getting really good at reciprocating information on unpaid tickets. I have a buddy that got a ticket in Idaho and didn't pay it. A couple years later or so he needed to renew his license here in Utah. They denied it until the unpaid ticket in Idaho was paid. He looked it up and I think 40+ states agree to reciprocate information.

Moderator
Revelate
Posts: 6,851
Registered: ‎12-30-2011

Re: Auto loan madness


92235 wrote:


As for unpaid parking tickets, last I checked that had no bearing on getting a license in a different state; the states don't communicate, like at all, for things of this nature.  It's possible that's changed but the infrastructure is simply unlikely to be there.



States have been getting really good at reciprocating information on unpaid tickets. I have a buddy that got a ticket in Idaho and didn't pay it. A couple years later or so he needed to renew his license here in Utah. They denied it until the unpaid ticket in Idaho was paid. He looked it up and I think 40+ states agree to reciprocate information.


Wow I didn't know that they'd built a system to handle that; thanks for the heads up on that.  I haven't switched states in nearly a decade, must've been sometime between then and now... just sayin... :cattongue:


Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 672, Wally TU 686, EX 702 (04/14)
Goal Score: 700 in all three (01/01/15)


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