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Established Member
Haleybrook
Posts: 17
Registered: ‎11-15-2013
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Re: Can I drive the new car home with confidence?

Great news! I received a letter from Wells Fargo Dealer Services today congratulating me on my purchase and providing the account no and address information.  I'm so relieved.  I kept waiting for something to hold it up or for me to be called back to sign with a higher interest rate.  I'm glad it's done.

 

I'm suddently getting all this credit card offers in the mail saying I'm preapproved.  Where did that come from?

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StartingOver10
Posts: 4,193
Registered: ‎03-06-2010
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Re: Can I drive the new car home with confidence?


Haleybrook wrote:

Great news! I received a letter from Wells Fargo Dealer Services today congratulating me on my purchase and providing the account no and address information.  I'm so relieved.  I kept waiting for something to hold it up or for me to be called back to sign with a higher interest rate.  I'm glad it's done.

 

I'm suddently getting all this credit card offers in the mail saying I'm preapproved.  Where did that come from?


Yea! :smileyhappy: Now you don't have to worry any more.

It is true, once you get approved for an auto loan then all kinds of people want to issue you a cc. The pre-approval really is just a pre-screening thing.

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LadyLeah
Posts: 171
Registered: ‎01-12-2014
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Re: Can I drive the new car home with confidence?

That happened to me in 2001. I had just moved to a new city, 1000 miles from home all by myself. Didn't know a soul there, no job, no family, no friends.... And my Mitsubishi Eclipse died. I had just put $1500 into the car getting it road ready, new belts, tires, plugs, battery, wiper blades, brake pads, detailing, etc. Two weeks after my move, the computer died. It would cost $1600 to fix it, and the car was 10 yrs old and had a zillion miles. I went to a dealer and traded it in for a brand new Mitsubishi Mirage with 4 miles. I was young, single, and completely ignorant about car stuff. I was financed at 8% and had a 60 mo term. I don't remember what the payment was, but it was $200-something.

About a week later, I got a call from the dealer telling me I had to come sign some more paperwork. My payment went up to $320 and had a 72 mo term. I was LIVID, but felt like I had no choice. I signed and kept the car for a little over a year before doing a voluntary repo. I was so resentful and just hated the car. I knew I had been taken and it made me angry every time I put the key in the ignition. It has long since fallen off my credit report but I still feel hurt when I think about it.

I'm glad yours worked out! Congrats on your new car!

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Established Contributor
0REDSOX7
Posts: 1,048
Registered: ‎11-14-2013
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Re: Can I drive the new car home with confidence?

This happened to me probably four or five times - hell, I think every time I ever got a car, it has.

 

To be honest, the dealer we go to, we always use, and it always works out in our favor in the end either with a lower payment, rate or payment term, but, yeah, it's normal, I guess..

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Established Member
Justine_Alpha
Posts: 22
Registered: ‎01-13-2013
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Re: Can I drive the new car home with confidence?

I went car shopping on a Saturday and let them run financing and they came back and were trying to tell me I could drive off that day but I said I wanted to wait till banks opened Monday. They kept insisting and I said I didn't want it to fall through since it was chase and I burned them 6 years ago. I go in Monday and they say chase put conditions on it but they had another lender for .2% higher. Don't buy on a saturday. Love my 2014 impala ;-)


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