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Confusing letter from GM financial

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Confusing letter from GM financial

I traded in my leased Toyota 4runner on 2/18/2018 and leased a 2018 GMC Acadia. My husband co-signed for me just to be safe. I received my first payment and my GMC welcome letter. I have made my first and second payments but today, almost 2 months later, I receive a letter from GM financial (my leasing company) stating that my credit application was denied. It doesn't say anything about returning the car or contacting the dealer. Obviously, the dealer and financing company are closed and I'm freaking out that I'm going to have to give my car back!
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3 REPLIES
Frequent Contributor

Re: Confusing letter from GM financial

Perhaps that was only one of many lenders the dealer shopped when you leased and not the one you/they went with for the lease. I seem to remember reading a similar post within the past couple of weeks.
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Message 2 of 4
Community Leader
Valued Contributor

Re: Confusing letter from GM financial


@Tlcorchado6586 wrote:
I traded in my leased Toyota 4runner on 2/18/2018 and leased a 2018 GMC Acadia. My husband co-signed for me just to be safe. I received my first payment and my GMC welcome letter. I have made my first and second payments but today, almost 2 months later, I receive a letter from GM financial (my leasing company) stating that my credit application was denied. It doesn't say anything about returning the car or contacting the dealer. Obviously, the dealer and financing company are closed and I'm freaking out that I'm going to have to give my car back!

First, congratulations on your new GMC!  Second, no need to worry.  Trust me, if there was an issue with financing you wouldn't need to call the dealer, they'd be ringing your phone off the hook.  

 

What *may* have happened here is when the Finance Manager tried to initally hang your deal with GM Financial it could have been that it was an auto denial...this can happen for a multitude of reasons.  The Finance Manager probably had to call someone to get the denial overturned which I'm guessing is what happened.  But here's the deal...any time your denied for a credit a letter explaining why is automatically generated.  

 

If you were denied at 10am and received an overturned approval at 10:01am...there's going to be a denial letter.  It's meaningless since the initial denial was overturned but there's nothing that can stop that letter from coming...it's automatic and what lenders do by law and have to cover their behinds.

 

So I'm saying that you don't have anything to worry about except for enjoying your new GMC!  You purchased your vehicle in February...the dealer has long since gotten payment for that vehicle.   Enjoy that new GMC!!

Message 3 of 4
Valued Contributor

Re: Confusing letter from GM financial

If you have already made payments you have nothing to be concerned about, that means your lease was placed and funded.

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