Credit Card Center Advertiser Disclosure†
03-03-2017 07:08 AM
Sounds like they did what dealers call a "Spot" delivery with your vehicle. They put you in the vehicle and send you out the door with hopes of the financing terms presented to you will go through with the lender. Like another poster mentioned, most times this is not an issue...other times a deal has retracted.
Sometimes when the dealer tries to get you financed with a lender and you're orignally turned down, that letter is auto generated. Even though you got the letter, the dealer may have called in after the auto turn down and got you approved. That *could* be the case in your situation...or at least I'm hoping. But no matter what, when a lender turns you down, especially in auto financing, you're going to get a letter.
You can call the dealer but I wouldn't stress too much. If the dealer didn't have you approved with a lender they'd be hounding you or knocking at your door step as they'd be on the hook for that vehicle...and we know they aren't going to stand to lose that kind of $$$. If you were indeed turned down by Ally the dealer will attempt to hang you with another lender.
Best of luck to you and please do update the post once you obtain new information.
03-03-2017 09:00 AM
Just throwing this out there....is it possible it was automatically declined (thus creating the denial letter), but then the dealer made a call in and got it approved? Also, did you check the paper work you signed to confirm it is indeed financed thru Ally? Meaning, the salesperson may have told you Ally, but they ended up going thru "insert bank".
At at any rate, I would call the finance manager asap and get this taken care of.
03-03-2017 01:17 PM
Have you called Ally and verified if you have an account or not?
I would check with the bank first. As many people have already said the dealer will blast you out to banks for approval sometimes their computers will decline you, which sends out the decline letter. Then the dealership calls the bank and provides more info and gets you approved, but the letter will still be sent cause you were denied originally.
03-03-2017 01:47 PM - edited 03-03-2017 01:47 PM
I've been trying to get with finance dept all day so far. Left messages but nothing back yet
And it's actually 3-15 first payment due..
Call the bank and see if you have an account.
Worst case is that the dealership is scrambling trying to find you financing so they don't lose the deal.
|EX08 659||EQ08 660||TU08 695||Starting: mid 300's||Goal: 700|
03-03-2017 06:43 PM
Lots of possibilities here.
The dealer shoots out your App to many banks typically and lets say they all say no. You will get a letter from every one of those lenders. The dealer will then get on the phone with a preffered lender like Ally and work with a counterpart and get an approval. That may have happened in this case and the letter is from the origional application. Having said that if you read the fine print of those documents you signed most all will say if they dealer arranged financing and that financing doesn't go through at what they agreed to in the truth in lending they will try with other lenders. If that doesn't work then you return the car and are SOL. That is why you see dealerships is super low milegage cars being sold and when you check the carfax it shows it was sold a few weeks before.
I suspect if in fact this was a denial and you didn't have any financing you would have received a call by now. I would be concerned that they will try to offer you a higher interest loan. Many years ago when I bought my first new car this happened to me, they tried to make me put more money down or raise my interest, I ended up giving them a higher down payment.
03-04-2017 04:25 AM
I can't believe that this could happen. At least now I know, as a newbie in car leasing, I should be aware in this kind of strategy. Keep update here your post so that we can know what happened. I could not be a big help to you, but your case is a great help for me as I am planning to lease a new car this year. Can we know who is your dealer here?
03-04-2017 11:10 PM
OP, don't leave us hanging, what did you find out??
03-05-2017 12:36 AM
I bought a new car 3 weeks ago, signed paperwork/contract, paid downpayment (traded in a car as the down) and drove home happy.
Today - 3 weeks later I got a letter in the mail saying the application for credit/financing was denied. The first payment would be due 3/31 so I thought the letter was regarding that but it wasnt. Has anyone seen this before? I havent called the dealership yet but wondering what can I do ?
I seem to recall the window for conditional financing being 14 days. Not sure if this is a state-by-state thing or not, but you might be in the clear on this. Check the date on the letter and check your paperwork that describe s the terms of conditional financing.
03-05-2017 02:44 AM
I never got a call back from the finance department at the dealership, so I emailed the salesman who sold me my car. He said that the car was already funded and I should be getting paperwork from the bank (I'm going to guess Ally). Thats all he said and tomorrow (monday) I'll call Ally and ask them if I have a loan there as my first payment is coming up pretty soon (3/15).
I bought the car on 2/18 and that denial letter was dated 2/23. Its likely that what JGGM suggested 12 may have gone on. Automatic denial letter , then they call UW's and expain situation - I did put over 50% down (traded in a car).
Will find out more during the week and will keep everyone updated. Thank you all !!! Feeling a little less worried now.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.