Be careful !!!!
My boss and wife applied last week and were approved for $38,000. They put 30,000 down on a loaded Tahoe and gave the dealership the signed check from CAP 1 and drove the vehicle off the lot.
Two days later CAP 1 calls him up and says they need more documents to verify income. He tells them he already submitted doc's , was approved ,received check ,and purchased vehicle.
CR says fine, just submit what we're asking for for the file. He does. Gets phone call two days later saying doc's are incomplete, he tells them he talked to so&so the other day and that's all they asked for. New CR says well they never got them or he sent wrong forms and can he resubmit. He's not pleased but complies.
Dealership calls three days later to tell him CAP1 CHECK BOUNCED !!!!!!
He calls CAP1 up and they tell him the doc's aren't sufficient to justify loan !! He tells them they approved him, sent him the check, and let him purchase the vehicle already. Sorry they say, there's nothing they can do , the loan is denied. He tells them he already has vehicle and the dealership has a bounced check, they are in breach of contract and needs to talk to a supervisor.
The CR tells him there's no supervisor available and even if there was he's not allowed to transfer the call up to them. This goes on for ten minutes with no success.
After doing online research, he finds out CAP1 is being sued by dealerships all over the nation for the same problem. BOUNCED CHECKS AFTER LOAN APPROVAL.
To make a long story short, he called the owner of the dealership to explain his problem and found out the guy has ownership or investments in over 30 dealerships on the east coast. He also sits on the board of something like " The National Car Dealership of America Group".
This guy calls CAP1 and tells them that if they don't process this check ASAP he will guarantee that any of his dealerships will NEVER accept a CAP1 loan again AND he wil make sure that his fellow board members are aware of what's going on and they all own and represent dealerships nationwide.
Imagine if he bought it from a small dealership and didn't have this guy help !!
The check cleared yesterday.
Jax
Jax
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Then you are a fool. Be thankful that when God gave you a face, he gave you a fool's face
